The Amount of Value Transacted on the BTC Network Surged High in Q3 2020
The Bitcoin (BTC) network has seen a significant rise in transaction values in the third quarter of 2020. According to a new report, the value that has been transacted on the Bitcoin network was higher in the third quarter than that of the second quarter of the present year. Moreover, the fees on the network also went high in the previous quarter.
Over $225 Billion was transacted by users
According to research conducted by The Block, the transaction value on the Bitcoin network has risen high in the last quarter. There was an amount of over $225 billion that was transacted by users on the BTC network. This is a 25 percent increase from the second quarter. In Q2 2020, the network saw its transaction value hitting $180 billion.
Similar to transaction values, the transaction fees on the Bitcoin network also rose high in the third quarter. On the network, transaction fees surged by 88 percent as the fee revenue of miners increased. On average, a fee of $987,000 per day was paid by users on the network in the previous quarter.
Web Traffic to crypto exchanges drops by 14 percent in September
The Block conducted another research which focused on the digital currency exchange web traffic. The data from The Block Research shows that in the month of September, web traffic to cryptocurrency exchanges has dropped down by more than 14 percent. Reportedly, the cryptocurrency web traffic reached 123.2 million visits in September. However, the web traffic was noticed at 144.3 million visits in the month of August. Though the ratio of web traffic was down in September as compared to August, it is still on the second spot in terms of witnessing more cryptocurrency exchanges web traffic in the year 2020.
As per the report, the most number of web traffic visits were noted at Binance which is the largest digital currency exchange in the world by market cap. Binance counted for 28.9% (35.6 million) of the total web traffic. While on the other hand, the San Francisco-based cryptocurrency exchange Coinbase accounted for 19.2% (23.7 million).
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