Bitcoin has surpassed a major milestone. The underlying blockchain powering the most popular crypto processed its 400,000,000th transaction overnight. At the moment, there have been over 400,255,000 transactions sent through bitcoin’s decentralized, censorship-resistant peer-to-peer electronic cash system. At the moment, BTC averages approximately 360,000 transactions daily. The underlying blockchain currently handles 14,904 transactions every hour with no holidays or downtime.
Bitcoin now fits more transactions into blocks than earlier
At the start of April, the crypto enthusiasts rejoiced as the entire cryptocurrency market showed signs of recovery. Bitcoin led the way breaking the $5,000 price level for the first time since last November. At the same time, the Bitcoin network made significant moves.
On March 31, the average amounts of transactions supported within Bitcoin blocks surged to 2,746 on a daily basis. That number exceeded previously recorded all-time highs twice in 10 days. The latest reposts reveal that 1,956,321 BTC ($10.2 billion) has changed hands through Bitcoin’s blockchain in the past day. That amount makes up at least 11% of its entire market capitalization.
With Bitcoin processing at least 360,000 transactions daily, it translates to 81,513 BTC ($424 million) shifted every hour. The average transaction value stands at 5.44 BTC ($28,316).
Bitcoin Transaction Fees Costs $2.60 on Average
Today, more Bitcoin transactions have already been processed than at any point in March. Data shows that the daily transactions in March were way below 300,000. Today it is projected to process around 357,000 transactions. The jump in activity came simultaneously with the abrupt surge in prices. Normally, traders flock to various exchanges to transact in Bitcoin when the price rises.
Thus, the average cost of using the Bitcoin network also increased slightly. During the first week of April, the bitcoin fees doubled to 0.00043553 BTC ($2.27) from approximately 0.000169 BTC ($0.88). But, the current transaction fees hovers below 0.0005 BTC ($2.60). The current users will pay about .00036217 BTC ($1.88) in transaction fees.
While Satoshi Nakamoto celebrated a ‘birthday’ last Friday, and Bitcoin turned 10 earlier this year, the network itself is also breaking records. It keeps setting new milestones on a daily basis.