There has been an abnormal amount of transactions on Bitcoin SV in recent days, albeit it has been outpacing all the other blockchains since December
Anomalous amount of transactions on Bitcoin SV
The anomaly occurred on 3 and 4 April, when more than 8 million daily transactions in Bitcoin SV were surpassed.
It is enough to consider that on the same days the number of daily transactions on the Ethereum blockchain slightly exceeded one million, while the number of transactions on the Bitcoin blockchain was less than 300,000. There were more than 1.2 million transactions on the XRP blockchain.
However, it is worth noting that since the end of December, the average daily number of transactions on the Bitcoin SV blockchain has been well above that of the other major blockchains.
If we look at the average value of individual transactions, however, the picture changes.
High number but low value
In fact, on the same days, the average value of a single transaction on the Bitcoin blockchain was around $600,000, while the value of transactions on the Bitcoin SV blockchain was less than two-thousandths of a dollar.
In other words, the total volume of all daily transactions in those days was about $180 billion per day on the Bitcoin blockchain, while only $16,000 on the Bitcoin SV blockchain (10 million times less).
This is due partly to the fact that the majority of small BTC transactions now take place off-chain on the Lightning Network, and also to the fact that the vast majority of transactions in BSV are of insignificant amounts.
Looking at Ethereum, the average value per transaction was around $3,500, for a total volume of around $3.8 billion per day. This is almost 50 times less than Bitcoin, but over 200,000 times more than BSV.
Looking at the average transaction value over the past month, for BSV, the lowest peak occurred on 5 April, the day after the anomaly ended, while the highest peak occurred on 22 March and was still very low at around two cents on the dollar.
Going back as far as 2022, the average daily value per single transaction in BSV never exceeded $0.1.
This means that the Bitcoin SV blockchain has been used for months now to record a very large number of transactions with very low amounts, so the overall daily volume is still very small.
In terms of price, BSV is currently down 2.7% since last week, but up 22% since last month. Looking further back, it is 61% lower than a year ago, and 80% lower than its all-time high.