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Bitcoin (BTC) Registers Peak Transaction Output Activity

© Reuters.   Bitcoin (BTC) Registers Peak Transaction Output Activity
© Reuters. Bitcoin (BTC) Registers Peak Transaction Output Activity

The (BTC) network saw a sudden spike in the value of transaction output, suddenly rising to the highest level in two years. The sudden transaction activity includes returned coins, which increase the total value.

The reason for the spike in activity is, generally, the Bitcoin UTXO model, in which each transaction generates another transfer of “change” back to the user’s own wallet. But the reason behind the sudden transaction activity may be different. BTC outputs reached the highest level since January 2016, when the outputs spiked to above 38 million BTC net, outpacing the available supply in turnover.

One possible explanation is that Thursday saw a significant backlog of BTC transactions,…

This article appeared first on Cryptovest

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