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In 2022, The BTC Blockchain Processed More Than 8 Trillion In Transactions

  • According to CoinMetrics, in 2022 alone, the Bitcoin blockchain processed more than $8 trillion in transactions.
  • Through the Bitcoin network, only last year, transactions were made for the value of Bitcoin multiplied by 25.

Every day, those within the crypto ecosystem see adoption as a real and increasingly clear path, with major investors having their first experiences in the field. While the rumors that digital currencies are dead or a scam still persist, which became more and more common during the bear market, the data shows otherwise.

The company specialized in cryptanalysis, CoinMetricsdiscovered that in 2022 alone, and for the first time in history, the Bitcoin blockchain processed more than $8 trillion dollars in transactions (8 trillion according to US optics). What does this mean besides being a hard to imagine amount of money? That more and more people are using Bitcoin and probably not only as a method of saving, but also for daily operations.

It is worth noting that the market capitalization of the little more than 19,250,000 BTC in the market is $324,000,000,000. In summary: through the Bitcoin network, only last year, transactions were made for the value of Bitcoin multiplied by 25. It moved four times the value of Apple or almost 10 times what Amazon costs.

Bear market does not stop BTC

Beyond the magnitude of the number and lto figure reached by the main cryptocurrency, the most impressive thing about all this is that what has been achieved It happened during the bear market. Since BTC reached its maximum peak of $68,000 dollars in November 2021, digital gold has been falling and has found no floor. It lost the support marked in 2017 ($20,000 was the peak at that time) and today it flirts around $17,000.

If the gaze is not focused on Bitcoin and is more global, what has happened with the crypto industry is even worse. In May the Terra ecosystem, one of the most important in the industry, disappeared, liquefying billions of dollars from its holders; and at the end of 2022 there was another high-calibre impact: the bankruptcy filed by the exchange FTX.

The Bahamas-based virtual bank founded in 2019 collapsed. So, again, Thousands of users lost their investments at the hands of Sam Bankman-Fried, the CEO of the company and one of the most recognized personalities in the cryptographic world. His case is being investigated by the United States Justice and the latest news was the fact that he pleaded not guilty to the charges “conspiracy and electronic fraud.”

Of course, that will have to be determined by the authorities and he could face a lifetime in prison. There seems to be enough evidence to convict him and add to that the fact that Caroline Ellison and Gary Wang, who were executives at FTX and Alameda, respectively, will cooperate with prosecutors and have admitted to committing crimes at the direction of their former boss.

A favorable market for 2023?

The numbers are not only those that carry positivism, but also the statements of some of the most famous millionaires in the world, such as Mark Cuban, owner of the Dallas Mavericks, an NBA franchise. This, as described by the site Bitcoinistpointed out that those who invest in physical gold instead of Bitcoin are “stupid”.

After being a staunch critic of BTC and the entire cryptocurrency field, Cuban has become an outspoken supporter of the liberators offered by digital gold such as stablecoins.

What will be the next mark to surpass Bitcoin? Will it be able to reach 10 billion dollars in 2023 or will this happen in 2024, when prices are expected to rise after a new halving?

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