When Satoshi Nakamoto launched the Bitcoin (BTC) network in 2009, he wanted people to embrace it in their daily transactions. The network has evolved a lot over time, establishing itself as a reliable means of exchange. Thousands of investors around the world use it to store value, generate income and protect their wealth against inflation.
From 0.01 million to 17.78 million dollars in transactions in 10 years!
According to a Twitter post dated July 19 from the Bitcoin Archive account, the Bitcoin (BTC) network has already achieved a transaction volume of $17.78 million this year. This is a impressive record, as the total volume of transactions made in 2021 is displayed at $13.11 million. The year before, this volume was 2.34 million dollars. In 2019, it was at $1.89 million while the previous year it was revealed at $2.12 million.
Going back to 2012, it can be seen that the Bitcoin (BTC) network had totaled $0.01 million in terms of transaction. In 2013, this figure rose to 0.08 million, and the following year it reached 0.12 million. Then, in 2015, the total trading volume reached $0.15 million. In 2016 it was revealed at 0.46 million, and in 2017 it was at 2.76 million.
Overall, every year, Bitcoin (BTC) tries to break its all-time high from the previous year, and it does well. That said, since its inception, the network remained first in the market by market capitalization. In 2021, there were 5,023 cryptocurrencies in circulation in the world, but the majority of people thought directly of bitcoin (BTC) when referring to the crypto sector.
The price evolution of bitcoin (BTC)
It is impossible to talk about the Bitcoin (BTC) network without talking about its native token which bears the same name. As the network evolves, so does the BTC token. All the same, you should know that bitcoin has shown itself very volatile over the years. It all started in July 2010, when the price of BTC went from zero to $0.09.
In June 2011, there was a remarkable connection: the price of bitcoin peaked at $29.60. Yet three months earlier, in April, that price was $1. We are therefore talking about an increase of 2,960% in just three months! However, the crypto market crashed in the months that followed: the price of BTC rose to $2.05.
Several periods of loss and then rise followed over the years. In 2019, the price of BTC exceeded $10,000. Later, in November 2021, it reached an all-time high of $68,789. But in December, it fell to $46,164. Currently, the price of bitcoin is around $23,400.
Bitcoin (BTC) was intended to allow as many people as possible to slow down the traditional banking infrastructure after the financial crisis of 2008. It is true that the network is not yet adopted everywhere. However, its evolution since 2009 until today is remarkable.
Receive a digest of news in the world of cryptocurrencies by subscribing to our new daily and weekly newsletter service so you don’t miss any of the essential Cointribune!
Luc Jose Adjinacou
Far from having dampened my enthusiasm, an unsuccessful investment in a cryptocurrency in 2017 only increased my enthusiasm. I therefore resolved to study and understand the blockchain and its many uses and to relay with my pen information relating to this ecosystem.