With the soaring price of Bitcoin, the rise of the crypto market in the financial sector is greater than ever. Nevertheless, the recurring argument is still: “No one uses top cryptocurrencies for actual transactions.” Although this claim has been around for a long time, the daily transaction volume has changed, and it is close to the milestone of $10 billion worth of Bitcoin.
In order to further understand the booming development of the ecosystem, several factors need to be considered regarding cryptocurrencies and their global popularity. With the daily active growth of the crypto market, Bitcoin has also consolidated its position as a competitor in the financial sector. Initially, Bitcoin was introduced to replace cash and the first digital currency used for modern transactions.
Daily transactions fuel the rise of Bitcoin
When cryptocurrency is new in the market, it is used to buy simple things like pizza. However, when Bitcoin begins to become valuable over time, more people want to retain their rights rather than use it. This practice is also called “HODL” in the encryption community.
In the case that users cannot use Bitcoin, experts have regarded it as the most obvious defect of the asset and the entire digital currency platform. Even so, the situation on the Bitcoin network is still changing because users are now using it to send larger transactions, and the price of each coin is higher. Currently, the average transaction value is about one coin, valued at approximately US$32,746. Compared with the previous week, it has increased by 20%, and the total daily transaction volume has exceeded 10 billion US dollars.
As the price of Bitcoin increases resulting in an increase in daily transaction volume, people have noticed Byte tree Almost all major blockchain network indicators are green.
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