Bitcoin Rebounds to $64,000 After Celebrating 1 Billion Transactions

Bitcoin is trading at $64,200, a strong recovery from its low of $56,500 just 5 days ago.

After more than 800 weeks and one day since the mining of its first block on January 3, 2009, Bitcoin (BTC) has seen an important step forward. The market value of the world’s first and largest Blockchain-based cryptocurrency has now facilitated over a billion transactions on its network.

Important milestone of Bitcoin

This milestone is especially notable for the largest cryptocurrency, with the world’s first use of protocols such as Bitcoin Ordinals and Runes on Blockchain leading to an increase in daily transaction levels in last year.

Additionally, the launch of spot Bitcoin ETFs in the United States and Hong Kong is one of the fundamental factors helping to increase the adoption of the Bitcoin network.

However, Bitcoin still needs some time to become the first Blockchain to successfully achieve a network of one billion transactions. Ethereum (ETH), its biggest rival and altcoin, has facilitated around 2.4 billion transactions on its network. However, according to Clark Moody’s Bitcoin dashboard, Bitcoin reached this new milestone at a slower pace, averaging just six transactions per second over the past 30 days, just weeks after the recent block reward halving.

Related: Long-Term Signals of Bitcoin Indicate Optimistic Sentiment

Although daily transaction fees have dropped significantly following the block reward halving, Bitcoin has begun its long journey towards a total of two billion transactions. The average of the last seven trading days on the network remains high compared to most of Bitcoin’s history, with the exception of the past year.

Michael Saylor celebrates 1 billion transactions

One ₿illion Transactions

— Michael Saylor⚡️ (@saylor) May 5, 2024

Michael Saylor, CEO of MicroStrategy, celebrated a new Bitcoin milestone: one billion transactions. This transaction was recorded in block 842241 on May 5, according to data from the Clark Moody dashboard. Over the past 30 days, there have been approximately 15.5 million transactions recorded.

The first Bitcoin transaction took place on January 12, 2009, between Bitcoin creator Satoshi Nakamoto and deceased cryptographer Hal Finney. Finney received 10 coins for testing and later exchanged emails with the Bitcoin founder to report the bug.

After putting Bitcoin aside and leaving it, he was surprised to realize that it actually had monetary value in late 2010. The network passed the one million transaction mark in July 2011, when , the price of the largest cryptocurrency closed at around $15.

Michael Saylor is one of Bitcoin’s most prominent advocates, predicting that the market value of the leading cryptocurrency could reach $100 trillion.