Key Takeaways

  • Bitcoin marks a significant milestone with one billion transactions processed.
  • The Lightning Network adds significantly to Bitcoin’s transaction count but is not included in the one billion total.
  • Bitcoin’s price shows resilience, bouncing back strongly after recent lows.
Total number of transactions processed on the Bitcoin network. Source: Clark Moody

Beyond the Billionth Transaction

While the one billion transaction mark is a landmark for the main Bitcoin blockchain, it does not include activities on the Lightning Network. The Lightning Network, a layer-2 solution designed for faster and cheaper transactions, has seen substantial use since its inception in January 2018.

Data from Bitcoin-only exchange River highlights that the Lightning Network processed approximately 6.6 million transactions in August 2023 alone, hinting at a much larger volume of transactions occurring off the main chain.

Spikes and Comparisons

The network experienced a surge in daily transactions around its fourth halving on April 20, with a peak of 926,000 transactions on April 23. This was largely driven by excitement around the new Runes protocol. Despite a recent cooldown, with transactions dropping to 660,260 on May 4, Bitcoin’s activity levels remain high.

It’s noteworthy that Ethereum, Bitcoin’s main competitor, has already surpassed two billion transactions since its launch in July 2015, showcasing the intense activity and development within the Ethereum ecosystem.

Bitcoin Price Update

Bitcoin’s price currently stands at $63,750, reflecting a 12% increase since its dip to $56,800 on May 2. However, despite recent gains, Bitcoin’s price remains 13.6% lower than its all-time high of $73,740 recorded on March 13.