Image Source: DepositPhotos

Bitcoin (BTC) has reached a monumental milestone, processing its one billionth transaction after 15 years, four months and four days since Satoshi Nakamoto mined the first block on January 3, 2009. In a report confirmed from Clark Moody’s Bitcoin dashboard, the 1,000,000,000 transactions were processed in block 842,241, exactly at 9:34 pm UTC on May 5.

This brings the average daily transaction the network processes to 178,475 in the 5,603 days of existence. As rightly explained in the video below, the data does not include transactions processed by the Bitcoin layer-2 protocol Lightning Network. 

According to Bitcoin-only exchange River, Lightning Network alone processed about 6.6 million transactions in August 2023. This, coupled with its ability to process 1 million transactions per second (TPS) implies that hundreds of millions of such activities have been facilitated by the Network since its launch in January 2018. 

More Analysis of the Bitcoin Transaction Activities

To analyze the crucial activity that may have contributed to this record figure, CNF centered its research around the network’s fourth halving event on April 20. From this, it was observed that a record high of 926,000 transactions were processed on April 23, with much of the demand coming from the launch of the Runes protocol at block 840,000. 

Simultaneously, the Bitcoin transaction fees were 630% greater than the 3.125 block subsidy, reaching a record high of $128 per transaction with Bitcoin’s hash-price peaking at $183/PH/day. However, this has taken a nosedive to $4.50. Similarly, the daily transaction count has cooled off with the figure standing at 625998.0 as of May 5. 

BTC Price Reacts to This Milestone

At press time, the Bitcoin transaction per day had reduced to 625998.0, up from the 601134.0 a year ago. This represents a decline of 5.19% from yesterday and a surge of 4.14% from a year ago. Fascinatingly, this record figure is in line with the price performance in the last few days with BTC surging by 1.88% and 4.3% in the last 24 hours and seven days respectively. At press time, Bitcoin was trading at $64,981. 

With this happening, analyst Doctor Profit has encouraged investors to continue buying the dip as Bitcoin could soon hit $68k, contrary to the 20% drop prediction by 10x Research and reviewed by Crypto News Flash.

I fully aim for higher targets towards $68.538 next, keep an eye on the fear and greed index, which switched from greed (Last week) to fear in a matter of 7 days only. These are golden moments for investors who want to grab the golden entry. Everyone that bought the dip, in my box buy region is already in big profits. In addition to that, BTC reclaimed MA100 daily and closed weekly above it. Just another fact that my TA analysis played out with absolute perfection, and those who trusted my idea saw the great opportunity to add even more.

One interesting observation is that Bitcoin is not the first of its kind to process one-billionth transactions despite being the oldest. On record, Ethereum (ETH) has processed over two billion transactions after reaching 1 billionth transaction in early 2021. 

More By This Author: