Average Bitcoin Transaction Size Is Around $6,900: Glassnode Report
Despite trampolines in the form of a collapse in the financial market, record low volatility of a crypto asset, the number of unique users, and the volume of transactions in the Bitcoin network are gradually increasing. How many transactions have users made since the beginning of 2020, and for how much? Let’s figure it out together.
Bitcoin network recovers from March collapse
Glassnode conducted a study of the financial throughput of the Bitcoin network during the first half of 2020. For the analysis, experts took two indicators – the total number of transactions and the average number of transactions that are carried out daily on the most popular crypto-exchanges. The result exceeded expectations: according to the data received, in the first six months of 2020, the throughput of the Bitcoin network reached $2.1 billion.
This metric indicates that Bitcoin was able to overcome the negative consequences of the March collapse and restore trust among participants in the cryptocurrency market. Today, crypto analysts mark a pause in Bitcoin trading activity, as, over the past 3 months, the flagship cryptocurrency has demonstrated record low volatility.
Since 2011, the average cost of Bitcoin transactions has increased annually. The record value recorded in 2018. A lot of crypto analysts predicted explosive growth in this indicator in 2020. But the spread of the pandemic and unfavorable macroeconomic conditions have not yet allowed the Bitcoin network to reach the desired historical maximum. In the context of these conditions, the average size of Bitcoin transactions has decreased significantly.
What is the average transaction cost of the Bitcoin network?
The value of the average cost of a crypto asset influenced by unscheduled transactions. The massive Bitcoin sell-off in March has adjusted this figure downward. According to Glassnode, since January 2020, about 59 million transactions have been carried out on the Bitcoin network; the average transaction size was $6,915.
If we compare the dynamics of the economic bandwidth of the Bitcoin network with 2019, the difference will be obvious. Currently, this figure is $411.6 billion. It is $300 million less than in the same period in 2019.
It should be noted that the data provided by Glassnode refers to the first half of 2020. Experts do not discard the possibility of an increase in the average transaction size in the second half of 2020, provided that Bitcoin overcomes the current price plateau and sets a new high.