Report: Bitcoin's on-chain activity increased in May by 21%

by in Cryptocurrency News

Bitcoin report

The average daily value transferred through the Bitcoin blockchain increased in May from $1.75 billion to $2.25 billion. Ethereum's corresponding figure rose from $1.49 billion to $1.66 billion. This is reported by The Block.

Related: Bitcoin mining time drops to 7 minutes amid rising hash rate

The graph below shows that the daily moving value almost reached the levels of July 2019, when bitcoin was approaching $13,000. The increase compared to April 2020 was 20.7%.

If we remove from the calculation the ERC-20 standard tokens and compare exclusively native coins (BTC and ETH), it turns out that bitcoin's on-chain activity is 5.4 times higher than that of the second crypto coin in terms of capitalization:

The third halving in the history of bitcoin, held in May, halved the award for the block mined by miners. Nevertheless, the revenue of BTC-validators in May decreased by only 11%, amounting to $366.4 million.

The share of transaction commissions in the structure of miners' income in May reached 8.3%. In April, this figure was only 1.5%. This is the sharpest jump in the indicator since January 2018.