Monday, November 20, 2017

Bitcoin daily transactions reach the $2 billion mark for first time last week

Last Wednesday was a red letter day for Bitcoin as the cryptocurrency achieved a new high for denominated transactions when it surpassed the $2 billion per day threshold on Nov. 16.

Even going back to September, the total notional amount of transactions per day remained below $1 billion.  However with the oncoming of October Bitcoin blew through that ceiling and within a months time doubled again to its $2 billion level.

Blockchain Transactional Volume
2017 has been bitcoin’s biggest year yet, with the digital asset reaching another new all-time high above $8,000 over the weekend. In addition to the exploding price, the total value transacted on the network per day has also seen substantial gains this year; however, the actual number of transactions processed by the network per day has been rather stagnant in 2017. 
For most of January, roughly $200 million worth of bitcoin was being sent around the Bitcoin network per day. Things didn’t really take off until May where there was a steady rise in the total value of the transactions processed by the network. Near the end of that month, days where more than $700 million was transacted on the network were common. 
After declining over the next couple of months, the value being transacted on the Bitcoin network spiked in the runup to the release of Bitcoin Cash, which forked off from the Bitcoin ledger on August 1st. The lock-in of the much-anticipated Segregated Witness (SegWit) improvement for Bitcoin also occurred around this time. 
Roughly a billion dollars of value was sent around the Bitcoin network per day in early August. This number declined down to $600 million by late September before exploding to $1.5 billion by late October. 
November 16th set a new all-time high for value transacted over the Bitcoin network in a single day at $2,803,405,660. - Forbes


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