Bitcoin’s 7-Day Transaction Volume Hit All-Time High of $4.39 Billion

Bitcoin (BTC) gave the crypto community a special valentine gift by soaring past $49,000 yesterday. Nevertheless, the leading cryptocurrency has pulled back to $47,353 at the time of writing, according to CoinMarketCap.

New data by Glassnode reveals that BTC’s seven-day transaction has broken the record at $4.39 billion. The on-chain data provider noted:

“Bitcoin transaction volume (7d MA) just reached an ATH of $4,396,839,660.32. Previous ATH of $4,381,878,077.68 was observed on 14 February 2021.”

The BTC network has been experiencing notable traffic, as evidenced by these statistics. Moreover, the top cryptocurrency recently achieved a new milestone by attaining a $1 trillion diluted market capitalization for the first time in its history. 

The Diluted Market Cap is a metric that takes into account the maximum possible number of Bitcoin, which is fixed at 21 million. The maximum BTC supply, when multiplied with the current all-time high price of Bitcoin, gives a diluted market capitalization of $1.02 Trillion.

More participants are joining the Bitcoin network

Data provided by IntoTheBlock shows that crypto addresses holding Bitcoin, which are less than a month old hit a multi-year high yesterday. The crypto research firm explained:

“As Bitcoin breaks a new ATH today, the number of traders for BTC (addresses that have held a crypto-asset <30days) reached a multi-year high. This value has increased to over 2.27m BTC (12.18% of the circulating supply) in February.”

It, therefore, shows that more participants are joining the BTC bandwagon, as evidenced by Tesla’s 1.5 billion investment. This trend is paying off because Bitcoin recorded a 17.8% increase in the past week. 

Furthermore, BTC bull market sentiment is triggering new blockchain startup deals. Venture capital investors have been leading the pack in this field as Bitcoin continues to cement its status as a safe-haven asset as its neck to neck battle with gold continues.