Bitcoin has achieved a significant milestone, marking the processing of its billionth transaction after a tenure of 15 years. Surprisingly, Ethereum claimed this feat earlier, surpassing 2 billion transactions in 2023 despite launching in 2015.
Bitcoin (BTC) has crossed a monumental threshold, handling its one billionth transaction after precisely 15 years, four months, and four days since Satoshi Nakamoto mined the genesis block on January 3, 2009. According to a report confirmed by Clark Moody’s Bitcoin dashboard, this momentous transaction occurred in block 842,241, precisely at 9:34 pm UTC on May 5.
This achievement elevates the network’s average daily transaction count to 178,475 over its 5,603 days of existence. It’s noteworthy to mention that this data excludes transactions facilitated by the Bitcoin layer-2 protocol Lightning Network.
As per Bitcoin-exclusive exchange River, Lightning Network independently processed around 6.6 million transactions in August 2023. This, coupled with its capacity to handle 1 million transactions per second (TPS), implies that the Network has facilitated hundreds of millions of such transactions since its inception in January 2018.
Delving deeper into the Bitcoin transaction activities, CNF conducted an analysis focusing on the network’s fourth halving event on April 20. It was noted that a record high of 926,000 transactions occurred on April 23, primarily driven by the launch of the Runes protocol at block 840,000. Simultaneously, Bitcoin transaction fees surged to 630% greater than the 3.125 block subsidy, peaking at $128 per transaction, with Bitcoin’s hash-price reaching $183/PH/day. However, this has since plummeted to $4.50. Likewise, the daily transaction count has tapered off, standing at 625,998.0 as of May 5.
In response to this milestone, Bitcoin’s daily transaction count has risen to 625,998.0 from 601,134.0 a year ago, representing a 5.19% decrease from the previous day but a 4.14% increase from a year ago. Interestingly, this record aligns with recent price movements, with BTC experiencing a 1.88% surge in the last 24 hours and a 4.3% surge over the past seven days. At present, Bitcoin is trading at $64,981.
In light of these developments, analyst Doctor Profit has encouraged investors to capitalize on the opportunity, suggesting that Bitcoin could soon reach $68k, contrary to the 20% drop prediction by 10x Research and reviewed by Crypto News Flash. He asserts, “I fully aim for higher targets towards $68,538 next,” emphasizing the importance of monitoring the fear and greed index, which transitioned from greed to fear within seven days. He further highlights the profitability of buying the dip, noting the reclamation of MA100 daily and its weekly closure above it, showcasing the accuracy of his technical analysis.
Interestingly, while Bitcoin holds the title as the oldest cryptocurrency, Ethereum (ETH) was the first to process over one billion transactions, reaching the milestone in early 2021 before surpassing 2 billion transactions in 2023.
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