Bitcoin Network Transacts a Whopping $8.9 Billion in a Single Hour

The Bitcoin network has reached an unprecedented level in terms of chain volume as it transacted $ 8.9 billion in one hour on Dec. 5.

Rafael Schultze-Kraft, Glassnode’s co-founder, ascertained that this movement made history because it was the highest hourly volume of Bitcoin to be recorded in its 11-year existence. 

Bitcoin’s Immense Capabilities Shown

The processing of close to $9 billion by the Bitcoin network depicted a milestone in its long-term quest of being a medium of exchange. 

On-Chain data from Blockchain.com shows that the total daily transaction value of Bitcoin in USD grew from nearly $250 million in 2017 to more than $1.5 billion in 2019. Expressly, it increased 5-fold in 2 years. 

These statistics, therefore, indicate how the Bitcoin network is continuously processing substantial transactions daily. This trend is expected to rise even further with continual Bitcoin adoption. 

This historical mark demonstrates the capability of the Bitcoin network to settle billions of dollars in value in a short time. This attribute would, therefore, position Bitcoin to compete with traditional safe-haven assets. 

As reported by Blockchain.News on Dec 2, Ellington Properties, a Dubai-based developer, selected Bitcoin Suisse (BTCS) as its ideal crypto brokerage provider to facilitate Bitcoin payment for its international customers. 

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