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For 2020, the average for BTC/USD is $9,120, according to Todaro’s calculations. This is higher than even 2017 when the pair reached its current all-time high of $20,000. For that year, the volume-weighted average was $6,125.
Curiously, the metric actually produces a higher value for 2018, despite this being the year that Bitcoin spent in a near-constant bear market bottoming out at $3,100. 2018’s average was $7,657.
Curiously, the metric actually produces a higher value for 2018, despite this being the year that Bitcoin spent in a near-constant bear market bottoming out at $3,100. 2018’s average was $7,657.

