According to Glassnode data, Bitcoin’s cumulative transfer volume (CTV) has surpassed $100 trillion in recent weeks and is now at $105 trillion.
CTV refers to the accrued monetary value of transactions settled on a particular network. As a measure of activity, it can be used to assess adoption and identify adoption trends.
As per the cumulative transfer amount of other Bitcoins
The chart below shows the CTV of Bitcoin, Ethereum, and Litecoin on individual logarithmic scales. Ethereum and Litecoin have CTVs of $6.1 trillion and $3.7 trillion respectively, both orders of magnitude smaller than Bitcoin.
Interestingly, Litecoin’s CTV accelerates significantly in 2022, showing its representative line approaching a vertical position.
The CTVs of all three tokens show some similarities, with a uniform rise from the beginning of 2018, a gradual upward trend through early 2021, followed by a sharp overall expansion.
After 2021, the three tokens will converge with each other at various points. However, Litecoin’s relative change has outpaced Ethereum and Bitcoin in recent weeks.
Commenting on Bitcoin’s CTV, Will Clemente said reaching the $105 trillion milestone was a “tremendous feat” and showed millions.Uses Bitcoin as a global payment network“
Since the CTV is calculated using the token price at the time of transfer, the impact of movements on the chart is significantly greater in bull cycles than in bear cycles. This price discrepancy arguably distorts the true measure of adoption.
Similarly, CTV does not distinguish between volumes associated with actual payments in exchange for goods or services and internal transfers and other such trading or speculative reasons for moving tokens.