Report: Bitcoin transaction volume rose 25% in Q3

In the third quarter, Bitcoin transaction volume rose 25% from the previous period. The value transferred on the blockchain rose from $180 billion to $225 billion, according to The Block

The image below shows that on-chain activity increased as the average price of BTC rose.

The average daily value transferred on the Bitcoin blockchain during the third quarter was $2.4 billion. Source: The Block.

Against the backdrop of growth in on-chain activity, trading volumes on cryptocurrency exchanges also increased. The rise for the third quarter was 22%.

Trading volumes on The Block-tracked exchanges rose from $168 billion to $207 billion. Source: The Block.

A nearly synchronous rise in on-chain activity and exchange turnover indicates a fairly tight correlation between the two metrics.

During the third quarter, Bitcoin miners’ earnings from transaction fees rose by 88%.

The average daily miner revenue from transaction fees was $987 thousand. Source: The Block.

Lightning Network and Liquid

The number of public Lightning Network (LN) nodes in the third quarter rose by 15%.

Number of LN nodes and channels, as well as network capacity, as of 9 Oct 2020. Source: 1ML.

The capacity of the Lightning Network rose by 16% in the same period, reaching a peak of 1,127 BTC.

During the same period, the number of bitcoins active in Blockstream’s Liquid sidechain rose by 20%.

Source: The Block.

Also during the third quarter, the number of Bitcoins involved in batching rose by 4.7%.

Earlier ForkLog reported that in August the aggregate on-chain activity of Bitcoin and Ethereum rose by 38%.

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