Every second, an average of $260.000 was transferred across the Bitcoin blockchain during 2022.
Last year, Bitcoin proved to be one of the key blockchains for transferring value. The main blockchain network in the crypto market, which turned 14 this week, handled more than $8 billion in transactions throughout the year.
This amount is a clear demonstration of the growth that Bitcoin has gained in its levels of global adoption and the potential it has as decentralized digital money, beyond being considered a reserve of value.
Bitcoin enthusiast and Casa Hold co-founder Jameson Loop shared Coin Metrics metrics on the volume managed by the Bitcoin network during 2022 via his Twitter account.
Other crypto enthusiasts like Peter Conley celebrated the milestone. Conley responded to Loop, pointing out the impossibility of operating this same volume of transactions using gold.
Bitcoin, peer to peer money
Most of the global Bitcoin trading volume last year took place between the first and second quarters, with a sharp decline from the second half of the year, according to data from Coin Metrics.
Paul Luvaga of Finbold highlighted that the decline in transaction volume on the Bitcoin network coincided with the fall in cryptocurrency prices on the market, which was affected by a series of intense and bearish events.
The price of Bitcoin began to plummet from the beginning of May, going from $40.000 per unit to less than $20.000 a month later in June. Bitcoin closed 2022 at a price close to $16.500 per BTC. However, at the time of writing this article, the cryptocurrency is trading at around $XNUMX. $ 17.000 dollars, recovering by 3% this week.
Bitcoin hash rate grows 43% in 2022
Despite the volume of money transacted through the Bitcoin network, transaction fees within this network remained relatively stable.
The largest spikes were seen on February 10, March 2, April 1, and May 13, when transaction fees exceeded an average of $3 and $4,4. Data from Bit Info Charts shows that transaction fees on the Bitcoin network remain below the $ 0,80 dollars, at the time of writing this article.
On the other hand, despite the bear market that Bitcoin faced in 2022, The blockchain network hash rate maintained a steady growth.
Source: Blockchaincom
Blockchaincom's platform shows that, as of early January 2022, the Bitcoin network's computing power averaged 176,7 exahashes per second (EH/s). By the end of the year, Bitcoin's hash rate had increased by 43%, closing 2022 above 253,14 EH/s.
Continue reading: Stacks: Bitcoin could be the backbone of DeFi
Main image taken from Twitter
