Bitcoin on course of settling a Cumulative $10 Trillion in 12 Years
Just 12 years after launch, the Bitcoin network is on course to settle a cumulative $10 trillion. As of writing, data from GlassNode reveals that the platform had settled $7.8 trillion when BTC/USD soared to a new all-time high. According to BitInfoCharts, the median transaction value processed by the network is around $735, a 3.5X increment year-to-date.
Bitcoin is a transactional layer designed to facilitate the flow of funds from one person to another without an intermediary. It has since found immense success, rising from obscurity to become one of the largest and secure networks commanding a market cap of over $577 billion and average daily trading volumes of $64 billion as of writing. Now, the platform will most likely process over $10 trillion of value in the course of the year, rising from $7.8 trillion at this point. This expansion would signal the platform's snowballing popularity and preference by users over traditional means.
Impact on BTC Price:
Bullish. The growing popularity of Bitcoin translates to more users and demand, as shown by the increase in the median transaction value over the last year. With more users, the more demand for BTC, which, in turn, pumps prices higher.
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