As a seasoned crypto investor and observer of the digital asset market, I have witnessed Bitcoin’s remarkable growth and transformation over the past decade. The latest development – surpassing Visa and Mastercard in daily transaction volume – is truly astounding.
According to recent data from Glassnode, Bitcoin, the leading cryptocurrency, now handles more daily transactions than financial giants Visa and Mastercard.
The raw transaction value on the primary cryptocurrency’s blockchain amounts to $46.4 billion. In contrast, the adjusted economic data for transfers shows a figure of $6.5 billion.
After an impressive recuperation, the cryptocurrency has seen a significant increase in transaction activity as reported by U.Today. The market mood transitioned from apprehension to enthusiasm in a short time frame.
The front-runner in the cryptocurrency market, boasting a market value of $1.3 trillion, outshines Visa and Mastercard in terms of worth. These financial giants are estimated to be worth $556 billion and $418 billion respectively.
In the midst of a bull market for Bitcoin, it’s common to observe an increase in the total number of transactions being processed through the network. More recently, this trend was seen in April with the introduction of the Runes protocol, leading to a significant uptick in transaction activity.
On July 16, the Bitcoin network recorded a total of 529,056 transactions.
As reported by U.Today, Bitcoin celebrated the network’s billionth transaction back in May.
Can stablecoins compete with Visa?
In April, Nansen reported that the combined trading volumes for stablecoins like Tether (USDT), Circle (USDC), and Dai (DAI) surpassed Visa’s average monthly transaction amount during the preceding year.
It’s important to mention that most stablecoin transactions aren’t made by real users. According to Bloomberg’s report in May, approximately 90% of these transactions are artificial or inorganic in nature.
The market dominance of Tether’s USD stablecoin remains unchallenged, boasting a impressive market capitalization of $113 billion. Meanwhile, the stablecoin sector is experiencing a surge in competition, with notable contenders such as Ripple making their presence felt.
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2024-07-17 23:22