6 months ago
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As Bitcoin, the world’s first decentralized cryptocurrency, records 15 years since its inception, its blockchain has also achieved a significant milestone. Bitcoin’s blockchain recently surpassed a major transaction benchmark, processing a total of 1 billion transactions on its network, marking a historic moment in the digital asset space.
Bitcoin Transactions Exceed 1 Billion
Since emerging in the financial landscape in 2009, when pseudonymous Bitcoin creator, Satoshi Nakamoto introduced the cryptocurrency’s white paper, Bitcoin has significantly reshaped the financial ecosystem, attracting millions of users who continually engage in decentralized transactions daily.
On May 5, 2023, Bitcoin’s blockchain hit a historic milestone, achieving more than one billion network transactions. This accomplishment underscores the cryptocurrency’s considerable utility and widespread adoption across various regions and sectors of the world.
From everyday consumers to retail and institutional investors, BTC has overcome demographic limitations and barriers, offering truly decentralized payment solutions across multiple markets and global organizations.
According to data from Clark Moody’s Dashboard, a platform which displays the metrics of Bitcoin’s ecosystem, BTC’s total transactions over the last 15 years have reached $1,000,369,716. This means that over 178,000 transactions were processed daily and more than 15.5 million were executed monthly.
Additionally, mempool, a waiting area for pending and unconfirmed BTC transactions disclosed that the one billionth Bitcoin transaction was mined into the 842,241th block by Foundry Pool.
Typically, a higher transaction count underscores a network’s substantial user base and increased engagement. While this is advantageous for a thriving blockchain ecosystem, it may also result in elevated transaction fees.
DeFiLama has reported a total of $1.297 billion in average fees generated by the Bitcoin network over the course of one year. Within a single month, transactional fees reached an astonishing $284.07 million, against the backdrop of a total market capitalization of $1.28 trillion.
BTC Inches Closer To $70,000 Price Mark
Amidst the surging transaction levels and Bitcoin’s one billion transaction milestone, the price of the cryptocurrency has been rising steadily, breaking key support levels to trade above $65,000. The cryptocurrency is slowly getting closer to the $70,000 price mark, surging by 2.44% in the last 24 hours and 4.61% over the past seven days.
At the time of writing, Bitcoin is trading at $65,238, with a 24-hour trading volume of more than $20.3 billion. Crypto analyst, Ali Martinez has revealed that based on the Market Value to Realized Value (MVRV) 90-day ratio, BTC is still positioned in a prime buying zone despite its surge from $57,000 to over $64,000.
Featured image from Coin Kickoff, chart from Tradingview.com
