Bitcoin (BTC) Sees Transactions Near Record As Price Holds at Key $5,000 Level
The coin has seen more than 400 million transactions since its creation, as activity picks up to near-record levels.
Bitcoin (BTC) may have surpassed 400 million transactions as activity picked up in the past months. The number, achieved in roughly 511,000 blocks, shows the growth of the network’s adoption since the Genesis block in 2009. The milestone was recently reported by Forbes, suggesting roughly 1,000 transactions per block.
The latest blocks, however, contain upward of 2,000 transactions, as per the block explorer.
The latest uptick in BTC market prices was preceded by a notable upward trend in transactions and wallet activity. The sudden burst of BTC transfers followed a slump after the Veriblock network ended its testing. The transaction levels for BTC are not all dedicated to financial transactions, but some are used to secure side networks such as Veriblock or Komodo (KMD).
But renewed trading, highly active mining, as well as upward price swings led to a higher level of transactions. The adoption of BTC is also improving, as the network is now cheaper to use. Daily transactions are now above 300,000 per day,
The pickup in transaction levels is now putting upward pressure on transaction prices. In the past month, transactions saw a low price of $0.05, while as of April 11, the fee to enter the next block is above $2. While those fees are relatively small, they are still not seen as low enough for everyday usage and microtransactions. However, the current level of activity is related to trading and moving assets, and the $2 fees may be relatively low for moving relatively large sums.
When it comes to cryptocurrency, adoption is no longer limited to Bitcoin (BTC). The coin has a simple use case, and hence the 400 million transaction count is relatively small. Newer networks like EOS and TRON (TRX) have managed to accrue a larger transaction count with a higher per-second transaction count. However, this is due to the different structure of the networks and not all transactions are transfers of economic value.