In 2023, Bitcoin’s on-chain transactions have witnessed a remarkable surge, solidifying its position as a leading medium for transaction settlement. This growth has propelled Bitcoin’s annual transaction volume beyond that of Visa, a major player in the global payment network. The cryptocurrency’s resilience in the face of market challenges demonstrates its enduring appeal to both retail and institutional users.
Bitcoin’s Triumph Over Visa: Renowned on-chain analyst and Reflexivity Research co-founder, Will Clemente, recently highlighted the impressive trajectory of Bitcoin’s network. The data revealed that Bitcoin’s annual transaction volume has surpassed Visa, a significant milestone in the cryptocurrency’s journey.
In 2023, Bitcoin’s on-chain transactions have witnessed a remarkable surge, solidifying its position as a leading medium for transaction settlement. This growth has propelled Bitcoin’s annual transaction volume beyond that of Visa, a major player in the global payment network. The cryptocurrency’s resilience in the face of market challenges demonstrates its enduring appeal to both retail and institutional users.
Bitcoin’s Triumph Over Visa: Renowned on-chain analyst and Reflexivity Research co-founder, Will Clemente, recently highlighted the impressive trajectory of Bitcoin’s network. The data revealed that Bitcoin’s annual transaction volume has surpassed Visa, a significant milestone in the cryptocurrency’s journey.
Phases of Surge in Transactions: Examining the graph, two pivotal phases stand out as catalysts for the surge in Bitcoin’s network activity. The first was the 2017 bull market, followed by the historic period in 2021 when Bitcoin reached its all-time highs. However, the most significant spike occurred in 2023, driven by the growing popularity of BRC-20 tokens and Ordinals. Early May witnessed an unprecedented surge in network traffic, followed by a brief period of lower volatility. Nevertheless, the network has experienced a robust resurgence over the past month, culminating in a record-breaking week with transactions exceeding 700,000 on September 15.
Resilient Retail Demand: Despite market fluctuations, Bitcoin has demonstrated remarkable resilience. The anticipated crypto winter of 2022, expected to pose significant challenges to user retention and network growth, did not deter demand for the first-generation blockchain. Glassnode’s recent update highlighted a fresh all-time high in the number of BTC wallets holding a minimum of 0.01 coins, indicating sustained retail demand. This robust demand from the general public is crucial for Bitcoin to compete with established payment giants in traditional finance.
Market Performance and ETF Anticipation: Bitcoin, the largest digital asset by market capitalization, has gained 2.75% over the past week, settling at $26,554 at the time of writing. The broader market eagerly awaits a decision on multiple spot exchange-traded fund (ETF) applications. The U.S. Securities and Exchange Commission (SEC) has postponed its decision on these applications until October, a development closely monitored by the cryptocurrency community.
Phases of Surge in Transactions: Examining the graph, two pivotal phases stand out as catalysts for the surge in Bitcoin’s network activity. The first was the 2017 bull market, followed by the historic period in 2021 when Bitcoin reached its all-time highs. However, the most significant spike occurred in 2023, driven by the growing popularity of BRC-20 tokens and Ordinals. Early May witnessed an unprecedented surge in network traffic, followed by a brief period of lower volatility. Nevertheless, the network has experienced a robust resurgence over the past month, culminating in a record-breaking week with transactions exceeding 700,000 on September 15.
Resilient Retail Demand: Despite market fluctuations, Bitcoin has demonstrated remarkable resilience. The anticipated crypto winter of 2022, expected to pose significant challenges to user retention and network growth, did not deter demand for the first-generation blockchain. Glassnode’s recent update highlighted a fresh all-time high in the number of BTC wallets holding a minimum of 0.01 coins, indicating sustained retail demand. This robust demand from the general public is crucial for Bitcoin to compete with established payment giants in traditional finance.
Market Performance and ETF Anticipation: Bitcoin, the largest digital asset by market capitalization, has gained 2.75% over the past week, settling at $26,554 at the time of writing. The broader market eagerly awaits a decision on multiple spot exchange-traded fund (ETF) applications. The U.S. Securities and Exchange Commission (SEC) has postponed its decision on these applications until October, a development closely monitored by the cryptocurrency community.