Seasoned digital assets analyst David Puell, an on-chain researcher in an investing behemoth ARK Invest, made headlines by his estimation of the value transferred through Bitcoin (BTC) nodes.
Bitcoin (BTC) nodes might have processed over $100 trillion
According to the thread shared by Mr. Puell, a ‘cumulative value transacted’, i.e. a USD-denominated volume of all transactions confirmed by BTC nodes has reached a fifteen-digit zone.
Since the first Bitcoin (BTC) transaction took place in 2010, a first-ever cryptocurrency was becoming increasingly popular for cross-border remittances, anonymous payments, e-commerce, trading, and so on.
Despite BTC price being down over 66% from its November 2021 ATH (that was registered over $69,000), the cumulative volume of Bitcoin (BTC) transactions still surges in Q3, 2022.
Bitcoin (BTC) transactions ‘real’ value is way lower
At the same time, ‘real-world’ pressure on Bitcoin (BTC) network might be less impressive than Mr. Puell announced in his first tweet. Of course, to make the metric relevant, we need to only count the transactions that happened between various entities.
Should we use this methodology, the cumulative transactional value of the Bitcoin (BTC) network drops to $7 trillion. However, this amount is also a breathtaking one: it eclipses market capitalizations of Microsoft, Apple and Google (Alphabet) combined.
By press time, Bitcoin (BTC), the largest cryptocurrency, is changing hands at $21,600, being 3 percent down in 24 hours.
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