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After the extraction of its first block on January 3, 2009, it took Bitcoin (BTC) over eight hundred weeks and one day to reach a significant milestone. Accordingly, the market value of the world’s largest and first Blockchain-based cryptocurrency has now facilitated over one billion transactions on its network.
Bitcoin Ordinals, Runes, and the Impact of Spot ETFs
This milestone is particularly exciting for the largest cryptocurrency, as the use of protocols like Bitcoin Ordinals and Runes on the world’s first Blockchain has led to increased daily transaction levels over the past year.
Moreover, developments such as the launch of spot Bitcoin ETFs in the USA and Hong Kong are among the fundamental factors that enhance the usage of the Bitcoin network.
The Journey Towards Two Billion Transactions Begins
On the other hand, Bitcoin is far from being the first Blockchain to achieve a network success of one billion transactions. For instance, its rival and the largest altcoin, Ethereum (ETH), has already facilitated approximately 2.4 billion transactions on its network. However, according to Clark Moody’s Bitcoin dashboard, Bitcoin reached this latest milestone at a slower pace, averaging six transactions per second in the last 30 days, just weeks after the most recent scheduled block reward halving.
Although daily transaction fees have significantly decreased following the frenzy of block reward halvings, Bitcoin has begun its long journey towards a total of two billion transactions. The average of the last seven days of transactions on the network remains high compared to most of Bitcoin’s history, excluding the past year.
Meanwhile, BTC has seen a 1.14% increase in the last 24 hours, trading at $64,172. Data shows that the largest cryptocurrency has experienced a 2.13% rise over the last seven days.
