- CoinMetrics knowledge reveals the Bitcoin blockchain registered over $8 trillion price of transfers in 2022.
- According to the info, the overall quantity transferred through the blockchain fell off in the second half of the 12 months.
- Bitcoin additionally saw a rise in blockchain dimension and hashrate, with 16% and 56% annual progress charges respectively.
Bitcoin continues to fluctuate under $17,000 because the cryptocurrency market enters 2023 on the again of continuous uncertainty after a brutal 2022.
But whereas costs fell massively all year long to see Bitcoin commerce almost 60% down over the previous 12 months, knowledge reveals the flagship cryptocurrency nonetheless saw first rate on-chain worth switch.
Over $8 trillion transferred through Bitcoin blockchain
According to knowledge lately shared by crypto and blockchain analytics platform CoinMetrics, 2022 saw over $8.2 trillion price of worth transferred through the Bitcoin blockchain. The transactions amounted to worth price $260,000 per second transferred on the community.
James Lopp, the co-founder and CTO of crypto custody startup Casa, shared the statistic on Twitter.
.@coinmetrics estimates (by eradicating probably change outputs) that $8.2T was transferred through the Bitcoin blockchain in 2022, averaging $260,000 per second. pic.twitter.com/LaQgAsu82k
— Jameson Lopp (@lopp) January 1, 2023
Per the info, essentially the most worth was transferred in the primary half of the 12 months, with the most important chunk of those seen in March to early May. The bear market and the contagion that adopted the demise of Terra Luna and a number of other crypto-focused firms marked the start of a downturn that endured all year long.
Blockchain grew 16%, hashrate 56%
Meanwhile, the Bitcoin blockchain dimension elevated from 383.3 GB to 446 GB, displaying an annual progress fee of roughly 16.4%.
The community hashrate additionally elevated regardless of the bear market crash that pushed a number of miners into chapter 11. Data on whole community hashrate progress for 2022 confirmed a 56% leap, from 175 exahashes per second (EH/s) to 274 EH/s.
