Weekly bitcoin transactions hit a new high of over $8 billion

The figure has increased by more than 50% compared to the last record in the network of the main cryptocurrency

The weekly bitcoin transaction volume exceeded $8 billion and hit a new all-time high, according to analytics service Glassnode. Bitcoin transaction volume for the week exceeded the previous record by more than 50%. The volume of transfers in U.S. dollars did not show record growth during this period. This may indicate that the majority of transactions are internal transfers in the bitcoin network (e.g., transfers between cryptocurrencies).

Glassnode analysts pointed out that bitcoin is currently at the top of a strong support zone. The price of the main cryptocurrency is concentrated in the range of $45-50 thousand. According to analysts, this indicates a strong accumulation demand. In other words, crypto investors are accumulating bitcoin in anticipation of its growth.

Since the beginning of August, bitcoin has risen 33%. On August 30 the main cryptocurrency is trading at $47.9 thousand and its capitalization is $901 million. On August 23 bitcoin value exceeded $50 thousand for the first time since mid-May.

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The post was written by Crypto Expert John Belford

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