Bitcoin payment volume rivals traditional payment giants
According to a new report released by CME Group, daily Bitcoin payment volume has reached $46.4 billion, which is comparable to the transaction volume of payment giants Visa and Mastercard. CME Group partnered with crypto analytics platform Glassnode to publish the report, which attracted widespread attention from the industry.
Reports show that unfiltered on-chain transaction volume on the Bitcoin network has reached $46.4 billion per day. By comparison, Visa's daily transaction volume is $38.98 billion and Mastercard's $24.78 billion. This means that Bitcoin’s transaction volume has surpassed these two traditional payment systems.
Source: CME Group
Bitcoin settlement volume comparison
Market Trends and Capital Inflows: Bitcoin market is hot, capital is pouring in
The report shows an optimistic trend for the market in the first half of 2024. As of May 31, 2024, Bitcoin has gained 370% since January 2023, despite the recent market pullback, according to data provided by Glassnode.
Notably, Bitcoin’s 24-hour trading volume averaged $29.68 billion over the past nine days, according to CoinMarketCap. During this period, Bitcoin reached its highest single-day trading volume of $41.6 billion on July 16. As the market rebounded, trading volume also increased significantly.
Source: CoinMarketCap
However, Glassnode evaluates the economics of Bitcoin on-chain transaction volume through a filtering mechanism, taking into account internal transfers from major exchanges such as Binance and Coinbase. This filter shows Bitcoin’s adjusted daily trading volume at $6.5 billion.
Capital inflows into the Bitcoin market: Bitcoin attracts large amounts of capital, driven by ETFs
In addition to trading volumes, the CME Group report also confirmed increased capital inflows into the Bitcoin market during the first half of 2024. Much of this growth can be attributed to the success of the U.S. Spot Bitcoin ETF. The products have attracted $16.67 billion in net inflows since January, according to Farside Investors.
Chart source: Farside Investors Bitcoin ETF inflow amount
The rapid growth of daily Bitcoin payment volume shows that the cryptocurrency is steadily increasing its position in the global payments market. As technology advances and the market develops further, Bitcoin is expected to continue to compete with traditional payment systems in the future and may even become a more dominant payment method.
[Disclaimer] There are risks in the market, so investment needs to be cautious. This article does not constitute investment advice, and users should consider whether any opinions, views or conclusions contained in this article are appropriate for their particular circumstances. Invest accordingly and do so at your own risk.
