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BTC Total Transaction Size Spikes 36% in Past 24 Hours While BTC Enters $10,700 Zone

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Tue, 09/15/2020 - 08:59
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Yuri Molchan
Glassnode spread the word that BTC total transaction size has seen a 36% rise in the last 24 hours, while BTC has increased significantly and entered the $10,700 area
BTC Total Transaction Size Spikes 36% in Past 24 Hours While BTC Enters $10,700 Zone
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As per data provided by Glassnode analytics company, the total size of Bitcoin transactions has seen a substantial increase in the last 24 hours.

However, on-chain fundamentals regarding BTC wallets have dropped, while BTC is trading $400 higher than one day ago.

BTC total transaction volume surges

Data delivered by the Glassnode agency reveals that, over the past 24 hours, the total transaction volume of Bitcoin saw a substantial surge and is currently at 8,400,488.542.

It is up 36 percent from the previous value.

BTC
Image via Twitter

Users have been moving their BTC actively. On Monday, the BTC exchange rate added $400 and surged from the $10,300 zone to the $10,700 area, according to data provided by CoinMarketCap.

That is the highest level Bitcoin has seen over the past ten days.

After hitting a high of $12,335 on August 17, Bitcoin then dropped below the $12,000 level on Sept. 1.

On the same day, BTC managed to briefly recover above $12,000, but then it began a sharp decline, dropping below $10,000 for a short moment and then trading in a range between $10,000 and $10,400.

On Sept. 14, BTC went as high as the $10,700 area for the first time in two weeks.

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Number of wallets with 10+ BTC plunges

Glassnode also reported that some on-chain fundamentals related to Bitcoin wallets in particular have seen a major drop.

According to the data shared, the number of crypto addresses that contain 10 BTC or more has declined to an eight-month low. Presently, this number amounts to 153,049 addresses on the Bitcoin chain.

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About the author

Yuri is a crypto journalist interested in technology and technical innovations. He has been in crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future in many of its aspects. ‘Hodls’ major cryptocurrencies and has written for multiple crypto media outlets. 

His articles have been quoted by such crypto influencers as Tyler Winklevoss, John McAfee, CZ Binance, Max Keiser, etc.

Currently Yuri is a news writer at U.Today and can be contacted at yuri.molchan@u.today.