The surge in the cryptocurrency market is attributed to a combination of increased user activity and a surge in transaction volume. Considering that BTC currently stands at $43,000 per coin, it is worth noting that in September 2022, the price was significantly lower, at just $20,000. However, even during that time, the monthly transaction volume was surpassing the current figures.
Throughout 2023, the monthly transaction volume on the Bitcoin network remained relatively stable, staying below the $1 trillion mark, except for December. Analysts suggest that this can be attributed to traders’ anticipation of the launch of spot Bitcoin ETFs, which increased their engagement in the market.
In December of the previous year, the number of transactions on the Bitcoin network surpassed January 2024 figures, with 17.54 million transactions compared to 14.74 million. However, notable growth in transaction volume began in 2023, largely due to the emergence of a new NFT alternative called Bitcoin Ordinals.
The record-breaking transaction volume was recorded in November 2021, reaching an astonishing $8.15 trillion. Surprisingly, this volume was achieved with just 8.3 million transactions throughout the month.
It is worth mentioning that the Solana network also witnessed a significant surge in monthly transaction volume, nearing the $1 trillion mark.