Blockchain data shows that the total number of transactions processed on the Bitcoin network exceeded half a billion this month.
At a time when the price of BTC is approaching the $10,000 mark after breaking above $9,500 for the first time this month, the number of transactions processed on the Bitcoin blockchain has reached a significant milestone. Data from CryptoCompare, via IntoTheBlock, confirms that the 500 millionth transaction was processed yesterday, February 5.
The number of transactions on the BTC blockchain has grown rapidly, as in 2017 it exceeded 250 million before surpassing 500 million. At this rate, the billion transaction mark could be crossed in less than two years.
As reported earlier this year, a total of $2.5 trillion worth of BTC was traded on the bitcoin network last year alone. On social media, users celebrated the milestone, seen as bullish for the flagship cryptocurrency and the crypto ecosystem as a whole.
Today, at block 0000000000000000001145bf2e7cb7f04df55feaf3b55d9f6511522bbbf333f at height 616064, Bitcoin surpassed 500 million confirmed transactions on the blockchain. https://t.co/eVLbYnHohj
—Jameson Lopp (@lopp) February 5, 2020
Given bitcoin’s price performance so far this year, various analysts have started to take a bullish approach. Some, like Wall Street analyst and bitcoin permabull Tom Lee, have predicted significant gains for 2020. Lee, as reported by CryptoGlobe, said that if bitcoin breaks its 200-day MA, it could see its prices increase by nearly 200% over the next six months.
It should be noted that Bitcoin’s hashrate also recently hit a new all-time high above 123 million TH/s. Its hashrate has been rising ahead of the upcoming halving – which will reduce block rewards from 12.5 BTC to 6.25 BTC per block – as miners compete to accumulate as much as they can before inflation subsides.
Data from Google Trends shows that searches for the bitcoin halving event have increased since the start of the year, as it is a highly anticipated event in the community. Bitcoin has seen two halvings in the past, reducing its block rewards to 25 BTC in 2012 and 12.5 BTC in 2016 respectively.
Featured image by Roy Buri on Pixabay