The world’s first crypto network, the Bitcoin blockchain, has reached the one-billion transaction threshold after 15 years of its launch. Bitcoin is the only crypto blockchain to hit this remarkable milestone.
This increased network activity on Bitcoin is attributed to the launch of innovative projects such as BTC Ordinals and spot BTC ETFs.
BTC Reached The One-Billionth Transaction Milestone In 15 Years
Bitcoin network processes an average of 178,475 transactions daily. Data from Clark Moody reveals that Bitcoin’s one-billionth transaction was mined in block 842,241 on Sunday, May 5 at 9:43 PM UTC.
The pseudonymous developer, Satoshi Nakamoto, launched the Bitcoin blockchain on January 3, 2009, after mining the network’s genesis block. This means it took the blockchain 15 years, four months, and four days after its launch to achieve the latest milestone.
Some market analysts have highlighted the Bitcoin blockchain stands out with this milestone. They compared its performance in terms of the number of transactions with prominent giant companies like Mastercard and VISA.
According to Matteo Pellegrini, the founder of the Orange Pill App, BTC reached the 1-billion transaction threshold ten years faster than VISA. Notably, VISA only hit the mark 25 years after its launch, as opposed to 15 years for Bitcoin.
Despite stiff competition in the payment industry landscape, BTC has proven itself a worthy contender. While competing platforms such as Visa, PayPal, Alipay, Mastercard, Venmo, and others, Bitcoin has shown resilience, growth, and increased adoption.
Another analyst and associate professor at the University of Adelaide, Tarik Sammour, commended Bitcoin’s recent achievement. According to Sammour, Bitcoin hit the milestone “flawlessly and securely, without a centralized intermediary.”
Spot Bitcoin ETFs, Bitcoin Ordinals, and Runes Spiked Bitcoin Network Activity
Notably, the approval of spot Bitcoin ETFs in the US increased BTC adoption as it sparked investor interest in the asset. According to data from Farside Investors, the cumulative BTC ETF inflow reached $11.56 billion as of May 3, with Hong Kong’s recently launched spot BTC ETFs recording $5.9 million inflows the same day.
Moreover, novel protocols, like BTC Ordinals and Runes, have brought more activity to the blockchain. Additionally, the completion of Bitcoin’s fourth halving event on April 20 saw a spike in transaction volume the same day.
Glassnode data disclosed that BTC reached a new high of 926,000 daily transactions on April 23. The Runes protocol, launched at block 840,000, played a major role in the transaction surge.
According to a Dune Analytics dashboard, Rune transactions now constitute up to 68% of the total Bitcoin transactions.
Despite its stance as the first crypto blockchain, BTC still falls below Ethereum in terms of transaction volume. Data from Etherscan shows that Ethereum has crossed two billion transactions since its emergence in 2015.
Meanwhile, BTC has reclaimed some of its lost value over the weekend. As of 06:50 AM EST on May 6, BTC trades at $64,594, a 1.39% increase over the past 24 hours. Also, its trade volume increased by 5.62% to hit $21.11 billion.
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