With Bitcoin prices skyrocketing, the crypto market is seeing an uptick in the finance sector bigger than ever before. Despite that, the reoccurring argument remains: “nobody uses the top cryptocurrency for actual transactions.” Although this claim has existed for a long time, there has been a shift in daily transaction volume, and it is nearing a milestone of $10 billion worth of Bitcoin.
To further understand how the ecosystem is thriving, there are several factors to consider regarding cryptocurrency and its global awareness. With the crypto market actively growing on a daily basis, Bitcoin has also cemented itself as a contender in the finance sector. Initially, Bitcoin was introduced as a substitution for cash and the first digital currency to be utilized for modern-day transactions.
Bitcoin On The Rise With Daily Transaction Boost
When cryptocurrency was new on the market, it was used for simple things such as purchasing a pizza. However, when Bitcoin started to become of value over time, more people wanted to hold onto their equity instead of using it. This practice is also referred to as “HODL” in the crypto community.
With users resistant to use Bitcoin, experts have addressed this as the most notable flaw for this asset and the digital currency platform as a whole. Even so, things are changing for the Bitcoin network as users are now utilizing it to send larger transactions and at a higher price point per coin. Currently, the average transaction is approximately half a coin, which hovers around at a value of $32,746. This is a 20% increase from a week prior, which has resulted in a total daily transaction volume of more than $10 billion each day.
As bitcoin uptick leads to growth in daily transactions, it’s been noted by ByteTree that almost all major blockchain network metrics are in the green.