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$9 trillion sent using Bitcoin, reaffirms utility for large wealth transfers

Crypto News

Cryptocurrency / Crypto News 52 Views comments

After Bitcoin reached its 15-month high by breaking the $10,000 mark, a renewed focus on one of its less represented metrics showed that, so far, over $9.2 trillion has been sent using BTC, and the value is quickly increasing with $13 billion in BTC sent each day.

Bitcoin metrics show significant growth

Bitcoin‘s latest rally from its month-long $8,000 position cemented the idea that bear market is over. After slicing through the $10,000 resistance level and reaching a trading average of above $12,000, Bitcoin has seen every single one of its metrics skyrocket.

Everything from its hash rate and the number of active addresses to the number of transactions per day and the transaction value are on the rise. Data from Blockchain.com also shows a steady increase in interest when it comes to Bitcoin, with more and more people searching for Bitcoin and Bitcoin-related terms every day.

Google Trends bitcoin
(Source: Google Trends)

However, there is a metric that seems to be overlooked in many market analyses, and that is the total fiat value sent using Bitcoin. While many might dismiss the metric as less important than, say, the number of transactions, it is actually a very important sign of the market maturity.

Over $9.2 trillion has been sent using Bitcoin

James McDowall, the Head of Strategy at Sentinel and the founder of CX, brought this matter into attention in a June 24th tweet. McDowall shared two graphs showing the amount of Bitcoin that has been sent and the total amount of USD sent using Bitcoin since 2017.