Bitcoin Hits 1 Billion Transactions: Will BTC Reach $100K in 2024?

Bitcoin network achieved a milestone of one billion transactions; it takes 15 years and 4 months to attain this humongous number.

A major achievement has been marked by the Bitcoin network 15 years after its inception – the one billionth transaction has been processed. According to Clark Moody’s Bitcoin dashboard, the transaction count 1,000,000,000 was recorded in block 842,241 at precisely 9:34 pm UTC on May 5th.

Recently, Bitcoin transactions and their corresponding fees have been a key discussion point among industry participants due to the introduction of Bitcoin Ordinals and Runes. 

The latter raised transaction fees to a record during its debut. The halving, which roughly cuts miners’ rewards by 50% every four years, reduced them from 6.25 Bitcoins to 3.125. Bitcoin is the world’s first blockchain-based cryptocurrency and was introduced as a peer-to-peer payment system.

The introduction of Bitcoin Ordinals brought new tokenized assets onto the network. At the same time, the launch of Runes could introduce new possibilities to the network, such as expanded applications for decentralized finance.

Lookonchain Unfolds Old Bitcoin Address Mistery

An old Bitcoin address, which has been dormant for a decade and comes from the early days of Satoshi Nakamoto’s creation, has been recently reactivated. The wallet, which previously held 687 BTC worth $43.9 Million, has now been split into two separate addresses. 

During the early hours of May 6, 625.43 BTC was transferred to an address starting with bc1qky, while 61.9 BTC was sent to bc1qdc. According to Lookonchain, a blockchain investigator, the whale received 687.33 BTC on January 12, 2014, when the price was $917.

Bitcoin Crypto Price & Volume Surging Again

Based on the volume and price graph, the trading volume has increased in the last few days, and the price has also increased. Specifically, the price has grown significantly in the previous few days, indicating that it is expected to continue to rise in the long term.

At press time, the Bitcoin crypto (BTC) price was trading at $64,122.10 with an intraday gain of 0.46%, indicating neutrality on the charts. Analysts are bullish and suggest that BTC will increase in upcoming sessions.

Disclaimer

It’s important to note that the views and opinions presented in this article are for informational purposes only and do not constitute financial, investment, or other advice. Investing in or trading stocks carries inherent risks, and readers should conduct their research before making any financial decisions.

Steefan George

Steefan George is a crypto and blockchain enthusiast, with a remarkable grasp on market and technology. Having a graduate degree in computer science and an MBA in BFSI, he is an excellent technology writer at The Coin Republic. He is passionate about getting a billion of the human population onto Web3. His principle is to write like “explaining to a 6-year old”, so that a layman can learn the potential of, and get benefitted from this revolutionary technology.