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Posted:
- Bitcoin recorded parabolic shifts in on-chain transactions in 2023.
- Bitcoin was awaiting a decision on the various spot ETF applications filed with the SEC
Since the creation of Bitcoin, he has been fighting against skeptical views [BTC] blockchain was steadily emerging as a popular medium for transaction settlement.
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Bitcoin beats Visa
Popular on-chain analyst and co-founder of Reflexivity Research, Will Clementetook to social platform X to highlight the network’s remarkable growth trajectory.
It was revealed that Bitcoin’s annual transaction volume surpassed that of Visa, one of the world’s largest payment networks.
Source: Reflexivity research
Transactions via the chain will increase in 2023
A closer look at the graph revealed two major phases that caused a burst in Bitcoin’s network traffic. The first was the 2017 bull market, and second was the historic phase of 2021, where the King Coin exploded to its all-time high (ATH).
However, the biggest spike in transactions occurred in 2023, driven by the popularity of BRC-20 tokens and Ordinals. As was clear, early May saw an unprecedented increase in network traffic. While the subsequent period of low volatility saw a decline, there has been a robust comeback over the past month.
Last week was even a record breaker, with more than 700,000 transactions for the first time on September 15.
Source: Glassnode
Healthy demand from retail
Bitcoin has navigated the ebbs and flows of the crypto market with remarkable resilience. The crypto winter of 2022 was predicted to be the biggest challenge in terms of user retention and network growth.
However, the demand for first-generation blockchain has remained unaffected. According to a recent update from Glassnode, the number of BTC wallets with at least 0.01 coins reached a new ATH.
📈 #Bitcoin $BTC Number of addresses with more than 0.01 coins just reached an ATH of 12,415,743
View statistics:https://t.co/oyguxpaA2y pic.twitter.com/WyFN7Vi3mq
— Glassnode Alerts (@glassnodealerts) September 16, 2023
This also indicated Bitcoin’s robust retail demand. If the network was to compete with payment giants from the traditional financial world, acceptance by the general public was crucial.
Read Bitcoin’s [BTC] Price forecast 2023-24
The largest digital asset by market cap posted a decent 2.75% gain over the past week, reaching $26,554 at the time of writing, according to data from Santiment, according to data from CoinMarketCap.
The currency and the broader market were eagerly awaiting a decision on the multiple spot exchange-traded fund (ETF) filings. The US Securities and Exchange Commission (SEC) has postponed its decision on this until October.