Bitcoin’s valuation always stimulates transactions. On average, a transaction in Bitcoin thus reaches 129,000 dollars in September. The number of active Bitcoin addresses is also approaching the peak period of 2017.
Bitcoin, safe haven or not? In a report, UBS disputed this qualification, arguing that several features of the cryptocurrency contradict this hypothesis. However, it is not sure whether Bitcoin holders are too concerned about this topic.
Since August, trading activity has increased sharply. In mid-September, the average value of Bitcoin transactions reached its highest level in a year. According to BitInfoChart, each trade represents more than $129,000.
850,000 transactions per day on Bitcoin addresses
As Decrypt reminds us in this report, to find an equivalent figure, we have to go back to August 2019 with an average of 121,000 dollars. However, some massive exchanges of Bitcoin at more than 800,000 dollars explained this peak
In 2020, several factors are involved, including a sharp increase in the number of active Bitcoin addresses. Therefore, it is first of all an increase in activity that explains this increase in the average value of transactions.
Since the last week of August, approximately 850,000 transactions per day have been recorded by these active addresses, which rivals the number in 2017. And this was not just any period.
Bitcoin was then flirting with the 20,000 dollars. Nearly one million Bitcoin addresses were active every day. The first of the cryptocurrency in volume has not suffered so far from the interest in DeFi projects. On the contrary.
More than $1 billion worth of Bitcoins tokenized for DeFi
Protocols such as UniSwap are currently taking center stage. However, Bitcoin is also a way to invest in these financial services, for example, to generate passive income.
Bitcoin is even a major contributor to the growth of DeFi. Indeed, the tokenized Bitcoin committed to DeFi now represents nearly 1.05 billion dollars. This means that 98,300 BTCs are involved in decentralized finance, accounting for more than 12% of the total.
Curve Finance is the first outlet for these tokenized bitcoins. Its liquidity pool enables investors to generate returns. The exchange has attracted $295 million worth of bitcoins. Curve is ahead of Aave (17,800 BTC) and Balancer (9,500 BTC).
Not only is Bitcoin not suffering from the introduction of DeFi in the crypto scene, it is thriving as new utilities for “sleeping” bitcoins are found through the DeFi platform. This is a very good sign for Bitcoin.