A total of $2.5 trillion worth of BTC were transacted on the Bitcoin network last year, according to data shared with Litecoin.com by BitInfoCharts.
Data from the firm shows that the average transaction value on the Bitcoin blockchain is of 2.75 BTC, worth about $23,000, and that the median transaction value if of 0.029 BTC, or $250. The median transaction values seem to show large whales are influencing the average.
Data from Coin Metrics seems to confirm the $2.5 trillion figure, as the estimated transaction value in USD terms shown per day seems to mostly revolve around the $5 billion mark, with some days hitting $10 billion. In July, the total USD value transacted on the BTC network per day high a high close to $20 billion.
As CryptoGlobe reported in July 2019,the number of transaction outputs and inputs on the Bitcoin network was then close to its all-time high, even though the cryptocurrency’s price was down about 40% from its near $20,000 top.
At the time data showed close to one million bitcoin transactions in outputs and inputs. Network activity is measured in these as one single transaction can have various inputs and outputs – various addresses can send funds to various addresses in one single transaction.
Litecoin.com’s report revolves around the total value transacted on the Litecoin network last year: $100 billion. On LTC’s network the average transaction value was of $5,000 per transaction, with the median being close to $50 per transaction.
While the figures are staggering for both cryptocurrency, there’s still a long way to go to compete with traditional payment networks like Visa, which reported a total transaction volume of $11 trillion in 2018.
For Bitcoin, it’s worth noting some transactions have also taken place on its layer-two scaling solution, the Lightning Network. 1ML data shows that the network currently has a total capacity of 882.58 BTC ($7.6 million) and a total of 35,846 open channels.
Featured image via Unsplash.
