Bitcoin, the world’s first Blockchain-based cryptocurrency, has achieved a significant milestone by facilitating over one billion transactions on its network. This achievement comes after over eight hundred weeks and one day since the extraction of its first block in 2009.
This milestone is particularly noteworthy for Bitcoin, as it has experienced increased daily transaction levels in the past year due to the utilization of protocols like Bitcoin Ordinals and Runes on its network. Additionally, the launch of spot Bitcoin ETFs in the USA and Hong Kong has further contributed to the growth and usage of the Bitcoin network.
However, it’s important to note that Bitcoin is not the first Blockchain to reach one billion transactions. Ethereum (ETH), its biggest rival and the largest altcoin, has already facilitated approximately 2.4 billion transactions on its network. Despite this, Bitcoin reached this milestone at a slower pace, averaging six transactions per second in the last 30 days.
Although daily transaction fees have decreased significantly after the block reward halvings, Bitcoin is now embarking on its journey towards two billion transactions. The average number of transactions on the network in the last seven days remains high compared to most of Bitcoin’s history, excluding the past year.
In terms of its market performance, Bitcoin has seen a 1.14% increase in the last 24 hours and is currently trading at $64,172. Over the past week, it has experienced a 2.13% rise.
It’s important to remember that the information provided in this article should not be considered as investment advice. Investors should be aware of the high volatility and risks associated with cryptocurrencies and conduct their own research.