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Bitcoin Reaches 1 Billion Transactions Milestone
Bitcoin, the pioneering cryptocurrency, has achieved a significant milestone by processing over 1 billion transactions since its inception. This landmark was reached on May 5, as recorded in transaction number 1,000,000,000 included in block 842,241.
Bitcoin’s Journey to 1 Billion Transactions
The Bitcoin network, which went live on January 3, 2009, took 15 years to reach this milestone, spanning a total of 5,602 days or approximately 800 weeks. During this time, the blockchain witnessed an average of 178,507 transactions per day.
Bitcoin’s Developments in 2024
The year 2024 has been pivotal for Bitcoin, with several significant events shaping its trajectory:
- In January, spot bitcoin exchange-traded funds (ETFs) were approved in the United States, with similar products launching in Hong Kong shortly after, marking a milestone for Asia.
- April saw the fourth Bitcoin halving, reducing mining rewards from 6.25 BTC per block to 3.125 BTC.
- On March 24, 2024, Bitcoin reached an all-time high of $73,737.94, driven by ETF popularity, pre-halving anticipation, and potential U.S. economic impacts.
Bitcoin Price Fluctuations
Over the past 30 days, Bitcoin has experienced notable price fluctuations:
- After hitting highs above $70,000, the price dipped below $60,000 during a recent bearish period.
- Currently, Bitcoin is trading at $64,222, showing a 1.2% increase in the last 24 hours.
GBTC and Other ETF Inflows
Grayscale’s Bitcoin Trust ETF (GBTC) and other ETFs have seen significant inflows in 2024:
- GBTC recorded its first day of net positive inflows in 78 days, with $63 million on May 3.
- Franklin Templeton’s ETF received $60.9 million in inflows.
- Fidelity’s Wise Origin Bitcoin Fund led with $102.6 million in inflows, followed by Bitwise and Invesco Galaxy with $33.5 million and $33.2 million, respectively.
Ian is a cryptocurrency enthusiast blending humor with professionalism. With an engineering background and a storyteller's heart, he simplifies the blockchain world with sharp analysis and a touch of wit. At Cryptowire, he brings his unique perspective to make digital financial innovation accessible to all.