ARK Invest Analyst Reveals Bitcoin Transactions Crossed $100T

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  • The network’s overall cumulative activity amounts to almost $7.3 trillion.
  • The statistic doesn’t cover exchanges between a user’s own wallets.

Without a doubt, 2022 was a terrible year for Bitcoin (BTC), and Q2 was the worst for the king of crypto. The interest in cryptocurrencies, though, keeps rising. David Puell, an analyst at ARK Invest, claims that Bitcoin transactions have reached over $100 trillion in total value.

As evidence, Puell used statistics from Glassnode. The value of Bitcoin transactions has grown rapidly over the last 13 years, as seen by the graph the researcher presented.

Wallet-to-wallet transfers between the same users are included in the data that Glassnode publishes. The $100 trillion level is an “interesting statistic,” as Puell points out. In addition, he claims that the network’s overall cumulative activity amounts to almost $7.3 trillion.

More Milestones Yet to Achieve

This metric was arrived at by excluding on-chain events that did not demonstrate transactions between two parties. Therefore, it doesn’t cover exchanges between a user’s own wallets.

All indicators point to a continued and rapid increase in Bitcoin’s popularity. Furthermore, crypto has been recognized as a viable asset class by major financial institutions. Banks like JP Morgan and Goldman Sachs, as well as asset management giants like BlackRock, have entered the market. Additionally, Bitcoin is now included in retirement plans.

Despite the present bear market, Bitcoin has consistently outperformed its prior highs. On the other hand, the year 2022 served as a wake-up call for many people, and it was unlike anything they had ever experienced. Regardless, the sector grows and develops more.

According to CMC, the Bitcoin price today is $21,643.02 USD with a 24-hour trading volume of $32,210,057,607 USD. Bitcoin is up 0.87% in the last 24 hours.

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A devoted content writer having 3 years of crypto trading experience. Loves cooking and swimming. Stays up to date with the latest developments on blockchain technology.