The Bitcoin network surpassed 1 billion transactions during block height 842,241 at 9:34 pm UTC on May 5th, according to data from Bitcoin tools and data service Clark Moody. This marks a huge milestone for cryptocurrency. It has been nearly 15 years, 4 months, and 4 days since its anonymous founder, Satoshi Nakamoto, mined the first block on January 3rd, 2009.
During that period, Bitcoin has registered an average of 178,475 daily transactions. However, these figures exclude transactions on Bitcoin’s Layer 2 Lightning Network.
Despite Bitcoin’s status as the oldest cryptocurrency network, it is not the first to reach the milestone of one billion transactions. Ethereum, in contrast, has processed 2,4 billion transactions. Therefore, with an average rate of 6 transactions per second over the past 30 day period, it took more time for Bitcoin to achieve this latest landmark.
At the time of writing, Bitcoin is traded at $64,393, showing a 1.53% increase over the last 24 hours. This slight rebound follows losses experienced by the cryptocurrency in the previous week. Over the same 24-hour period, the leading cryptocurrency by market capitalization recorded a trading volume of $18.091 billion, as reported by CoinMarketCap. There are 19.694 million tokens in circulation out of a total supply of 21 million tokens.
Meanwhile, as data from CoinMarketCap indicates, Ethereum is being traded at $3,183, showing a 0.87% increase at the time of writing, following a similar trajectory to Bitcoin in the past week.
Bitcoin Witnesses Surge In Transactions During Fourth Halving
This milestone is particularly noteworthy for the cryptocurrency, coinciding with a period of increased daily transactions over the past year. Innovative protocols such as Bitcoin Ordinals and Runes have been generating growing interest and activity on the blockchain. Additionally, the introduction of spot Bitcoin exchange-traded funds (ETFs) has added to bullish sentiment for the token in the past year.
Recently, Bitcoin has witnessed its latest programmed halving event. Daily transactions on its network experienced a notable surge around April 20th, with a peak of 926,000 transactions processed on April 23rd.
However, after the excitement surrounding the halving subsided, daily transaction fees have generally decreased. The seven-day moving average of transactions on the blockchain remains elevated compared to much of Bitcoin’s history, except for the recent year.
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