It is revealed that the annual transaction volume of Bitcoin exceeds that of Visa, one of the world's largest payment networks.Bitcoin recorded parabolic changes in on chain transactions in 2023
It is revealed that the annual transaction volume of Bitcoin exceeds that of Visa, one of the world's largest payment networks.
- Bitcoin recorded parabolic changes in on chain transactions in 2023.
- Bitcoin awaits a decision on several spot ETF applications submitted to the SEC
Since its inception, Bitcoin [BTC] blockchain has steadily become a popular transaction settlement medium.
Bitcoin defeats Visa
X It is revealed that the annual transaction volume of Bitcoin exceeds that of Visa, one of the world's largest payment networks.
On chain trading volume skyrocketing in 2023
Careful observation of this graph reveals two key stages that led to the explosion of Bitcoin network traffic. The first was a bull market in 2017, and the second was a historical stage in 2021, during which the King's Coin exploded to its highest point in history (Athena Holdings Limited).
However, the largest trading peak occurred in 2023, driven by the popularity of BRC-20 tokens and ordinals. It is evident that in early May, there was an unprecedented increase in network traffic. Although the subsequent low volatility period led to a decline, there has been a strong rebound in the past month.
In fact, the past week has broken records, with trading volume exceeding 700000 for the first time on September 15th.
Healthy Retail Demand
Bitcoin has been moving through the ups and downs of the cryptocurrency market with astonishing resilience. It is predicted that the encryption winter of 2022 will be its biggest challenge in terms of user retention and network growth.
However, the demand for the first generation blockchain has not been affected. According to a recent update from Glassnode, the number of BTC wallets holding a minimum of 0.01 coins has reached the new Athena Holdings Limited. This also indicates strong retail demand for Bitcoin. If the network is to compete with payment giants in the traditional financial industry, public acceptance is crucial.
#BTC # # Cryptocurrency # # Digital Currency#
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