Bitcoin
Bitcoin makes history with 1 billion transactions processed
- Bitcoin reaches an important milestone by processing its billionth transaction after 15 years of existence.
- Interestingly, Ethereum was the first to reach this milestone, surpassing 2 billion transactions in 2023, despite being in operation since 2015.
Bitcoin (Bitcoin) reached a monumental milestone, processing its billionth transaction after 15 years, four months and four days since Satoshi Nakamoto mined the first block on January 3, 2009. In a report confirmed on Clark Moody’s Bitcoin dashboard, the 1,000,000,000 transactions were processed in block 842,241, at exactly 21:34 UTC on May 5th.
This brings the daily average of transactions processed by the network to 178,475 in the 5,603 days of its existence. As correctly explained in the video below, the data does not include transactions processed by the Bitcoin Layer-2 Lightning Network protocol.
According to Bitcoin-only exchange River, the Lightning Network alone has processed around 6.6 million transactions as of August 2023. This, coupled with its ability to process 1 million transactions per second (TPS), implies that hundreds of Millions of such activities have been facilitated by the Network since its launch in January 2018.
More Analysis of Bitcoin Transaction Activity
To analyze the crucial activity that may have contributed to this record number, the CNF focused its research around the fourth network halving event on April 20. From this, it was observed that a record 926,000 transactions were processed on April 23, with much of the demand coming from the launch of the Runes protocol on block 840,000.
Simultaneously, Bitcoin transaction fees were 630% higher than the 3,125 block subsidy, reaching a record $128 per transaction, with the Bitcoin hash price reaching $183/PH/day. However, that plummeted to $4.50. Likewise, the daily transaction count cooled off, with the number at 625,998.0 on May 5.
BTC price reacts to this milestone
At press time, Bitcoin transactions per day had reduced to 625,998.0, up from 601,134.0 a year ago. This represents a 5.19% decline from yesterday and a 4.14% increase from the previous year. Interestingly, this record number is in line with price performance over the past few days, with BTC rising 1.88% and 4.3% over the past 24 hours and seven days, respectively. At press time, Bitcoin was trading at $64,981.
With this happening, analyst Doctor Profit encouraged investors to continue buying the dip, as Bitcoin could soon reach $68,000, contradicting 10x Research’s 20% drop forecast and reviewed by Crypto News Flash.
My goal is to reach higher targets, towards $68,538, keep an eye on the fear and greed index, which has changed from greed (last week) to fear in a matter of just 7 days. These are golden times for investors who want to get their golden inflow. Everyone who bought the dip, in my box buy region is already making big profits. Furthermore, BTC reclaimed the MA100 daily and closed above it weekly. One more fact is that my TA analysis worked absolutely perfectly, and those who trusted my idea saw the great opportunity to add even more.
An interesting observation is that Bitcoin is not the first of its kind to process a billionth of transactions, despite being the oldest. Registered, Ethereum (ETH) processed more than two billion transactions after reaching 1 billion transactions in early 2021.