Bitcoin Network Reaches 1 Billion Transactions, Fifteen Years After Its Inception
In Brief
On May 5th, Bitcoin hit a remarkable milestone by completing its 1 billionth transaction at block height 842,241, underscoring its dominance in the crypto arena.
According to Clark Moody's Bitcoin tools, the Bitcoin network achieved a staggering 1 billion transactions at 9:34 PM UTC on May 5th, a significant event for the cryptocurrency. It's been almost 15 years, 4 months, and 4 days since Satoshi Nakamoto, the pseudonymous creator, mined the initial block on January 3rd, 2009.
Over this timeframe, Bitcoin has averaged around 178,475 transactions per day, although this does not account for activity on Bitcoin’s Layer 2 solution, the Lightning Network.
Although Bitcoin is the oldest cryptocurrency, it wasn't the first to reach the billion transaction mark. Ethereum, for example, has completed 2.4 billion transactions. This slower pace of 6 transactions per second over the past month reflects the time it took Bitcoin to reach this impressive achievement.
At present prices, Bitcoin is trading at $64,393, noting a modest 1.53% uptick in the last 24 hours. This minor increase comes after the coin experienced some losses the previous week. During the same timeframe, Bitcoin recorded a trading volume of $18.091 billion, according to CoinMarketCap. Out of a total supply of 21 million tokens, 19.694 million are currently circulating.
Meanwhile, Ethereum is trading at $3,183, showing a slight increase of 0.87% as of this writing, paralleling Bitcoin’s recent performance.
Bitcoin Sees a Spike in Transactions After Its Fourth Halving Event
This significant milestone arrives during a period of heightened daily transactions for the cryptocurrency over the past year. Innovative features like Bitcoin Ordinals and Runes have been attracting increased engagement on the blockchain. Moreover, the recent launch of spot Bitcoin exchange-traded funds (ETFs) has further boosted optimism surrounding the token.
Recently, the Bitcoin network experienced its latest halving, which led to a remarkable increase in daily transactions. On April 20th, transactions spiked significantly, with a high of 926,000 transactions recorded on April 23rd.
However, following the initial excitement of the halving event, there has been a general decline in daily transaction fees. The seven-day moving average of transactions remains high compared to much of Bitcoin's historical data, aside from the last year.
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