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Bitcoin: New record, blockchain surpasses one billion transactions

Mon 06 May 2024 ▪ 3 min of reading ▪ by Mikaia A.
Blockchain

Bitcoin, after a temporary crypto pullback, seems to be regaining its momentum, crossing a new milestone. Indeed, the world’s largest blockchain has just surpassed 1 billion transactions since its inception in 2009. A new landmark in the history of cryptocurrency!

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Bitcoin Crosses the Billion-Transaction Threshold

As Bitcoin resumes its race to new heights, possibly breaking through the $73,000 mark again, its blockchain is also recording significant progress. With enhancements underway, this achievement marks a new step in the evolution of this revolutionary technology.

Bitcoin has officially processed over one billion transactions.

Eight hundred weeks and one day after its launch on January 3, 2009, Bitcoin, the world’s most valuable cryptocurrency, has crossed the threshold of one billion processed transactions, reports Cointelegraph. This significant milestone comes as the cryptosphere is going through an especially exciting period.

Bitcoin’s daily transactions experienced a peak around the fourth halving of the network on April 20, with a record-breaking 926,000 transactions processed on April 23. Much of this demand is attributed to the launch of the Runes protocol, a new Bitcoin token standard, at block 840,000.

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However, despite this peak, the daily transaction count for Bitcoin has fallen back to 660,260 on May 4. Nevertheless, this step marks a new era for the star crypto, which has experienced a steady increase in activity over the past year.

The launch of new protocols such as Bitcoin Ordinals and Runes, as well as the introduction of Bitcoin ETFs, have fueled this increase in activity, reinforcing the bullish sentiment toward the world’s oldest and most valuable cryptocurrency.

Ethereum Remains in the Lead

Yes, Bitcoin has crossed the billion-transaction milestone, an important step in the history of cryptocurrency, yet its rival Ethereum still holds the record. Ethereum has processed nearly 2.4 billion transactions since its launch in July 2015.

Bitcoin Dashboard – Source: Clark Moody

The Bitcoin network has recorded an average of six transactions per second over the last 30 days, according to data from Clark Moody’s Bitcoin dashboard. However, it’s worth noting that these figures do not include transactions carried out on the Lightning Network, which is primarily dedicated to micropayments. According to data from the River bitcoin exchange, the Lightning Network has processed an estimated 6.6 million transactions in August 2023, suggesting that hundreds of millions of transactions have been made on this network since it launched in January 2018.

While the price of bitcoin is up at $63,750, it’s still down 13.6% from its all-time high of $73,740 reached on March 13.

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Mikaia A. avatar
Mikaia A.

La révolution blockchain et crypto est en marche ! Et le jour où les impacts se feront ressentir sur l’économie la plus vulnérable de ce Monde, contre toute espérance, je dirai que j’y étais pour quelque chose

DISCLAIMER

The views, thoughts, and opinions expressed in this article belong solely to the author, and should not be taken as investment advice. Do your own research before taking any investment decisions.