• Press Releases
    • Submit a press release
    • Read All
  • Advertise
  • Contact us
Crypto.com Logo Crypto.com Logo
Bitcoinist.com
No Result
View All Result
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Industry News
    • Press Releases
  • Price
    • Bitcoin Price
    • Ethereum Price
    • Litecoin Price
    • Binance Coin Price
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
    • Bitcoin Casinos – Where, What and How to Play
  • Events
  • Play Games
  • Play Casino Games
  • Win 1 BTC
Breaking News: Breaking: DCG And Genesis Close Initial Agreement With Creditors
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Industry News
    • Press Releases
  • Price
    • Bitcoin Price
    • Ethereum Price
    • Litecoin Price
    • Binance Coin Price
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
    • Bitcoin Casinos – Where, What and How to Play
  • Events
  • Play Games
  • Play Casino Games
  • Win 1 BTC
Bitcoinist.com
No Result
View All Result
Breaking News: Breaking: DCG And Genesis Close Initial Agreement With Creditors
Picture of a standing Bitcoin surrounded by other bitcoins laying flat in a circle
Advertisement

Milestone $188 Billion In Bitcoin Value Moves Across Network

Best Owie by Best Owie
1 year ago
in Bitcoin
0
Advertisement

Bitcoin has yet again broken another milestone. The pioneer cryptocurrency has seen the volume of BTC moving across its network increase exponentially. This time, the seven-day moving average of BTC volume on the network has broken a record. Volume from this shows that as of yesterday, $188 billion had been moved across the network. This means that approximately 20% of the Bitcoin market cap was moved.

chart showing seven-day moving average of bitcoin volume has hit $188 billion

Don't wait! Jump on this Crypto Deal and get a 150% Welcome Bonus plus 100 Free Spins on your deposit today!
BTC transfer volume hits $188 billion milestone | Source: Twitter

The number of coins moved across the network for the seven-day moving average is approximately 3.6 million bitcoins. Going by today’s prices. The number accounts for both transactions moving between individual wallets. And volume moving to and from exchanges. Showing that BTC is not slowing down in its adoption. If anything, this shows that BTC is gaining more traction in the crypto space.

Related Reading | Mid-Cap Crypto Coins Dominate Bitcoin And Ethereum In August

Bitcoin To Shoot Higher With Volume

This movement sets bitcoin up for an exponential move upwards. Bitcoin’s price has always experienced an uptick in price whenever the volume shoots up. The chart below compares the various times when volume on the network has surged compared to the price at that point. An increased volume has always coincided with an increase in the price.

BitStarz Player Lands $2,459,124 Record Win! Could you be next big winner?
570% up to 12 BTC + 300 Free Spins for new players & 1 BTC in bonuses every day, only at Wild.io. Play Now!

Related Reading | More Miners Come Back Online Post 2021 Hashrate Crash

An important point to note is this. While transaction volume is up, on-chain activity has been down. This suggests that the majority of this volume has come from large moves from a small number of wallets. As opposed to small moves from a high number of wallets. The on-chain data also puts that as about 10K and 12K bitcoins being moved at once from one wallet to another. Most likely movement from exchange wallets.

Related Reading | Microsoft Gets Patent Approval For Service That Allows Users Create Crypto Tokens

A more important scenario would have been if there were a number of small transactions making up this volume. It would mean that individual investors were actually moving their bitcoins across the network. And the directions of these bitcoin transactions would provide better indications for the overall market sentiments at that point. Nevertheless, an uptick in transacted volume has a tendency to push the price upwards.

Ready For Another Breakout?

BTC looks ready for another $50K retest from here on out. Indicators show current dip may be bottoming out. Priming the digital asset for another test of its recent high. Exchange reserves continue to trend low, showing that investors are still pulling out their BTC off of exchanges instead of selling.

Bitcoin (BTC) price chart from TradingView.com

BTC ready for another $50K retest | Source: BTCUSD on TradingView.com

Current movement patterns across the network still point to investors holding their coins off of exchanges. Flowing the opposite way that assets would usually flow in a bull market. This consolidation of BTC assets for long-term holding will definitely see an increase in the price.

Bitcoin price has now returned to a recovery trend after the last dip pushed it back down. Resistance at $47,500 is primed to follow this recovery from here. Market momentum will most likely be the defining factor of the next breakout.

Featured image from CNBCTV18, charts from Twitter and TradingView.com
ShareTweetShareShare

Sign Up for Our Newsletter!

For updates and exclusive offers enter your email.

I consent to my submitted data being collected and stored.

Best Owie

Best Owie

Related Posts

Bitcoin price

This Will Be Important For Bitcoin And Crypto This Week

12 hours ago
New record: 49% of Bitcoin Supply Has Not Changed Hands in 2 Years

New Record: Half Of Bitcoin Supply Hasn’t Changed Hands In 2 Years

1 day ago
Bitcoin Derivatives Markets Volumes Show Bullish Trend After 2022 Downturn

Bitcoin Derivatives Market Volumes Show Bullish Trend After 2022 Downturn

2 days ago
Bitcoin

Sri Lanka Central Bank Says Bitcoin Cannot Solve Economic Crisis

3 days ago
tulip mania bitcoin

Celebrating The Tulip Mania Anniversary With Bitcoin & Crypto

3 days ago
Bitcoin Long-Term Holders Now Hold 78% Of Supply, Highest Level Ever

Bitcoin Long-Term Holders Now Hold 78% Of Supply, Highest Level Ever

3 days ago
Please login to join discussion

Premium Partners

Premium Casino Partners

Top Casinos

BitStarz
BitStarz
Punt Casino
Punt Casino
mBit
mBit
Metaspins
Metaspins
1xBit
1xBit
Coinplay
Coinplay
K8
K8
Vegas Casino
Vegas Casino

Sportbooks

Coinplay
Coinplay

Press Releases

  • MEMAG Presale Crosses $3 Million As Investors See Future...

    6 hours ago
  • Syscoin and SupraOracles Join Forces to Onboard the World...

    6 hours ago
  • Fantom (FTM) and GMX (GMX) Price Goes On A Free Fall, While...

    8 hours ago
  • Snowfall Protocol (SNW) Success In Presale While Crypto...

    9 hours ago
  • Threshold (T) and Chia (XCH) Make Reasonable Gains As...

    11 hours ago

Bitcoin news portal providing breaking news, guides, price analysis about decentralized digital money & blockchain technology.

Bitcoin

  • News
  • Price
  • Businesses
  • Acceptance
  • Technology
  • Investment
  • Regulation
  • Reviews

Altcoins

  • News
  • Price
  • Ethereum
  • Ripple
  • Litecoin
  • EOS
  • NAGA

Categories

  • Blockchain
  • Security
  • FinTech
  • Technology
  • Trending
  • Breaking News
  • Press Releases
  • How to

Pages

  • Contact us
  • Editorial Policy
  • Advertise
  • Crypto Prices from Nomics
© 2023 Bitcoinist.com. All Rights Reserved.
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Industry News
    • Press Releases
  • Price
    • Bitcoin Price
    • Ethereum Price
    • Litecoin Price
    • Binance Coin Price
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
    • Bitcoin Casinos – Where, What and How to Play
  • Events
  • Play Games
  • Play Casino Games
  • Win 1 BTC

© 2022 Bitcoinist. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.