Bitcoin on-chain volumes hit 10-month high in April

Bitcoin • May 1, 2019, 5:43AM EDT
UPDATED: May 1, 2019, 6:17AM EDT
The Block

Bitcoin on-chain volumes in April denoted in USD have reached a 10-month high, Diar finds. Diar notes that the consistent on-chain volume swell over the last three months followed recent price rallies meaning there was little indication Bitcoin was spent in real use-cases and hence the transaction boost was likely largely due to speculative trading.

The amount of USD moved on-chain in April was over $130Bn, with the transaction volume coming close to that of June 2018, "when the price of Bitcoin averaged $7000 – 35% higher than today," Diar wrote. Still, when looking at on-chain volume figures by quarter rather than by month, there has been a consistent quarterly decline in on-chain activity for Bitcoin since Q4 2017; the heart of the bull run. Q1 of 2019 recorded a 35% decline relative to the last quarter.

AUTHOR

Isabel Woodford

Isabel is The Block's London and European reporter. She previously reported for Reuters in Madrid and London, following on from her time as a freelance journalist for the Guardian and the New York Times. She has a Bachelors in War Studies from King’s College London and a Master of Philosophy from the University of Oxford. Conflict of Interest: Edward Woodford, the CEO of SeedCX, is Isabel's brother. She does not report on any issues related to Seed or advise other authors in any regard.

See More

WHO WE ARE

The Block is a news provider that strives to be the first and final word on digital assets news, research, and data.

+ Follow us on Google News
Connect with the block on

More by Isabel Woodford