Bitcoin network sets another record: on-chain transaction volume exceeds $ 8.9 billion in 1 hour

According to foreign media reports on December 6, the latest data show that the bitcoin network's hourly US dollar transaction volume has set a historical record.

bitcoin-business-money-currency-cryptocurrency-finance

(Image source: pxfuel )

On December 5, for the first time in the history of the Bitcoin blockchain, $ 8.9 billion of on-chain transactions were processed in one hour.

Over the past two years, the daily transaction volume of Bitcoin has increased significantly, from $ 200 million in 2017 to $ 1 billion at the beginning of this year, a five-fold increase.

EK-fGXJXkAAgH_J

Although the new record of Bitcoin network hourly transaction volume does not seem to have any significant impact on the current price trend and the entire market, it clearly shows the continuous development of the Bitcoin network.

Anatomy of a record hourly transaction volume

According to Glassnode, an electronic asset market intelligence monitoring platform, the USD 8.9 billion per hour transaction value on the Bitcoin network is the result of several large transactions performed by the exchange Bittrex within an hour.

This $ 8.9 billion surge in on-chain transaction volume is the result of BittrexExchange moving a large number of Bitcoins (21 transactions in an hour, each moving about $ 56,000 Bitcoins).

Large transactions with very low fees

The transaction volume on the Bitcoin network has increased significantly, and its transaction costs remain very low.

For example, the data shows that three large Bitcoin transactions in the past few days-46,000 Bitcoins ((US $ 337 million)), 435,000 Bitcoins (US $ 313 million), 57,000 Bitcoins (US $ 415 million) ) Charged extremely low fees of $ 0.40, $ 1, and $ 5, respectively. In other words, Bitcoin transfer fees totaling $ 1.07 billion cost only $ 6. Compared to fiat currency transactions, Bitcoin network transaction fees are extremely low.

The above data also fully shows the advantages of Bitcoin, that is, its network can handle large transactions, and it is constantly developing and improving.