The Bitcoin Network Has Transferred More Funds In the first seven months of 2022 Than any other year.
Recent reports indicate that the BTC network has been much more active in 2022 than in 2021.
The start of 2022 saw the crypto market enter a period of extreme uncertainty. Many cryptos, including Bitcoin, experienced a sharp price fall that recorded a 70% downscale from the previous All-Time Highs. However, what’s interesting is that the Bitcoin network appears to have been more active during this period than the entire 2021.
According to a recent tweet by Bitcoin Archive, the Bitcoin network appears to have recorded more value transferred over the months since the start of the year.
$4.6T Increase In A Year
According to this new information, the network transferred around $13.11 trillion in the entire year 2021. That figure pales in front of the current 2022 numbers of around $17.78 trillion. This records a clear lead of $4.6 trillion in 2022 compared to 2021. Interestingly, the year is still not over, with around five more months to go.
Image source: Bitcoin Archive
At this rate, the figure can be expected to go higher by December. This is despite the current market lull that has left many traders and analysts anticipating a severe crypto winter. In addition, it’s clear that the Bitcoin market is resilient, especially given the sudden crash experienced after the collapse of the Terra Luna and UST.
What Does This Mean?
Judging from the evident trend, it’s inevitable that the value transferred over the Bitcoin network in 2022 could be double that of 2021 by the end of the year. Many investors have held onto their stash during the recent market crash. This is bound to change once the market lull is over and people start moving their assets around.
This means that Bitcoin is gaining more traction in terms of global adoption and acceptance. More are using BTC in 2022 as opposed to 2021. This is a good sign indicating a positive future for the top coin.
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Source: https://thecryptobasic.com/2022/07/19/bitcoin-network-value-transferred-has-surpassed-17-trillion-in-2022-breaking-all-previous-records/?utm_source=rss&utm_medium=rss&utm_campaign=bitcoin-network-value-transferred-has-surpassed-17-trillion-in-2022-breaking-all-previous-records