Transaction volume on the Bitcoin network reaches its highest level since September 2022

The growth of the cryptocurrency market leads to both an increase in user activity and an increase in the volume of transactions. If BTC now costs $43,000, then in September 2022 the coin was trading at $20,000. However, the monthly transaction volume was even higher than the current one.

Throughout 2023, the monthly transaction volume on the Bitcoin network did not exceed $1 trillion, with the exception of December. Analysts attribute this to the fact that traders were expecting the launch of spot Bitcoin ETFs, and after the appearance of such funds they increased their activity.

The number of transactions on the Bitcoin network in December last year was even greater than in January 2024 - 17.54 million versus 14.74 million. Moreover, the growth began in 2023. This is mainly due to the emergence of an NFT analogue - Bitcoin Ordinals.

The maximum volume of transactions was recorded in November 2021 - $8.15 trillion, but only 8.3 million transactions were completed during the month.