Home Metaverse Bitcoin crossed 800M transactions in 2023 Q1; price grows 70%

Bitcoin crossed 800M transactions in 2023 Q1; price grows 70%

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According to Reflexivity Research, the total number of transactions settled by the Bitcoin network surpassed 800 million in the first quarter of this year, reaching a cumulative value of $107 trillion.

BTC has settled an average of $8.2 trillion in transactions annually since its inception, and that volume is steadily increasing.

Source: Glassnode

Bitcoin will settle more transactions in 2022 than traditional financial institutions Mastercard and Visa. Digital assets he settled $14.843 trillion in transactions, while Master Card and Visa processed $14.1 trillion and $7.7 trillion respectively.

Reflexivity Research says the record is a “tremendous feat” for a decentralized network that has only been around for 13 years.

Active Bitcoin Addresses Grow to New ATH in Q1

The Bitcoin network hit a record high number of addresses with non-zero balances in the first quarter of this year.

The BTC supply is also more distributed, with addresses holding less than 10 BTC increasing by over 17%, a new all-time high.

bitcoin supply
Source: Glassnode

This growth coincided with the launch of the Bitcoin Ordinals NFT, whose adoption and utilization pushed network activity to new highs.

Reflexivity Research describes this growth rate as one of the highest since early 2021, when the market witnessed a bull run. He added that Bitcoin is seeing strong network activity.

The improved network activity was largely fueled by the growth of Stacks (STX), the Bitcoin Layer 2 network. STX was one of the best-performing digital assets in the first quarter, up 338%, with a market cap of over $1 billion, according to the company. crypto slate data.

Bitcoin’s Rise of Over 70% Gives Miners a Rest

Miners enjoyed a brief respite in Q1 despite the network’s increasing mining difficulty due to BTC’s positive price performance.

according to crypto slate Bitcoin has surged more than 70% to over $29,000 after starting the year at around $16,000, according to Bitcoin data. This positive performance allowed the miner to record a profit even though network difficulty increased his 33% over the same period.

Bitfarms confirms the above with monthly reports. According to Miner, mining revenue for the quarter has increased by 31% per TH.

On top of that, increased network activity has also led to improved transaction fees for miners.recurrence studies Said Miner’s total revenue improved due to higher transaction fees and more than 70% profit of BTC.

However, this development was a double-edged sword, encouraging more miners to plug into the machine and boosting Bitcoin’s hashrate. The hashrate has increased significantly this year, sometimes exceeding 300 EH/s.

Post Bitcoin surpasses 800 million transactions in Q1 2023. Price increased by 70% and first appeared on CryptoSlate.

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