The leading cryptocurrency Bitcoin (BTC) has broken the transaction volume record as $8.9 billion in BTC were moved on-chain.
BTC records highest trading volume
Bitcoin has recorded its highest hourly USD transaction volume in Bitcoin’s history.
A Twitter user Rafael Schultze-Kraft has reported on 4th Dec that an amount of $8.9billion in BTC has been moved on-chain in a single hour and further said that this has become the highest hourly USD transaction volume in entire Bitcoin’s history.
Rafael Schultze-Kraft also presented a chart showing Bitcoin’s hourly on-chain USD volume.
$8.9 billion in #Bitcoin were moved on–chain in a single hour this afternoon.
It's the highest hourly USD transaction volume in Bitcoin's history 🔥 pic.twitter.com/pWdXBszuIc
— Rafael Schultze-Kraft (@n3ocortex) December 4, 2019
What is the reason behind this transaction spike?
Though the bitcoin transaction volume has spiked, there is no clear reason disclosed behind this massive transaction volume spike.
Some point it out as a mass adoption but this may not be the main reason. Some say that the main reason behind this highest BTC record is that many crypto exchanges have been making exchanges with their enormous wallets for the sake of security measures.
Whale Alert remains active in its service and recently it has been reported that there has been a huge transfer of more than $400 million from an unknown wallet to an unknown wallet.
🚨 🚨 🚨 🚨 🚨 🚨 🚨 🚨 🚨 🚨 55,877 #BTC (416,995,107 USD) transferred from unknown wallet to unknown wallet
— Whale Alert (@whale_alert) December 4, 2019
After a while, the whale alert said that they are going to disable the alerts for this in order to reduce spam. As it said:
We have disabled further alerts for this for now to reduce spam. The main amount is slowly being reduced by amounts between 10 and 100 BTC.
Not only that the Bitcoin has made the highest hourly USD transaction volume record but also its price showed an upward movement. The price of the coin moved up by almost 8 percent. The price value of the coin is currently trading above the $7k level.