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Bitcoin Transactions Surge to Over $25 Billion on May 28, Setting Annual Record

On May 28, Bitcoin transactions reached an estimated value of over $25 billion, marking the highest figure in United States dollar terms over the past year.

Bitcoin’s on-chain transaction value measures the total estimated value of transactions on the blockchain, providing traders with insights into Bitcoin trends to inform their trading decisions.

Blockchain explorer reported that holders moved approximately 367,000 BTC on the blockchain on May 28.

This is the largest amount of BTC moved since June 13, 2022, when over 519,000 BTC were transferred.

At the time, Bitcoin’s price was around $26,500, resulting in a transaction value of nearly $14 billion.

Although the number of Bitcoin moved on May 28 was lower, the price of BTC was about $69,374, making the total value of the transactions approximately $25.5 billion.

Despite the high transaction value, the number of transactions remained relatively normal.

On May 28, Bitcoin transaction tracker YCharts recorded a total of 596,790 transactions.

This number appeared average when compared to May 26 and 29, which saw over 850,000 and 700,000 transactions, respectively.

READ MORE: Ethereum’s Ether Token Surges 67% in 2024, Bullish Patterns Suggest Continued Rise

In addition to the number of transactions, Bitcoin’s trading volume also did not show any unusual activity.

On May 28, reported a trading volume of $200 million for Bitcoin transactions on crypto exchanges.

Meanwhile, trading analyst Peter Brandt predicted that Bitcoin could reach $130,000 by 2025.

On June 2, Brandt stated that Bitcoin’s bull run displays patterns similar to previous post-halving cycles.

According to Brandt, the asset could reach about $130,000 to $150,000 by August or September 2025 if it follows the trajectory of previous cycles.

Brandt explained that historically, Bitcoin’s halving date often fell roughly midway between the start and peak of bull markets.

He noted that the last bull market began 16 months before the 2020 halving and ended 18 months after it.

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Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

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