Analysts of The Block released their quarterly research of the cryptocurrency market for the III quarter of 2020. The report indicates that the number of transactions and the volume of commissions on the Bitcoin network have increased significantly.
According to the report, transactions in the III quarter of 2020 amounted to $225 billion on the Bitcoin network. This means that on average users performed transactions of $2.4 billion every single day. When compared to the previous quarter there is a spike of 25% – the volume of transactions in the second quarter is $180 billion.
Meanwhile, the volume of commissions grew even more – miners made $91 million in commissions in the third quarter of 2020. This is an astounding 88% more than in the second quarter, when they amounted to $48 million. For the last three months, miners made on average $987,000 daily by confirming transactions.
Furthermore, the average exchange rate of the first cryptocurrency in the third quarter of this year is $10,631, compared to $8,663 in the previous quarter. Follow our newsfeed to be informed about the latest developments in the Bitcoin market.
