In a year marked by historic milestones, the Bitcoin network has recorded its most active period ever, processing the highest number of confirmed transactions per day. The network reached an all-time high on May 1, 2023, with 682,281 transactions. This unprecedented activity began its upward trend in April and has been attributed to the rise of Ordinal inscriptions on the Bitcoin blockchain.
Bitcoin Network’s Daily Transaction Rate Shatters Records in 2023
Since its inception in 2009, the Bitcoin network has grown exponentially, both in terms of adoption and technical advancements. In 2023, the network achieved a new record, reaching its all-time high in transaction count. On May 1, 2023, approximately 682,281 transactions were confirmed during the course of the day.
The initial surge began in April 2023, with transactions starting to increase noticeably from April 2. This marked a turning point in the year, leading to consecutive months of increased activity. Most of the rise has been linked to the trend of Ordinal inscriptions taking place on the Bitcoin blockchain, a phenomenon that has captured the attention of both enthusiasts, BRC20 traders, and non-fungible token (NFT) collectors.
Interestingly, the all-time low for the year occurred on January 1, 2023, with only 187,516 transactions. This stark contrast between the low and high points within the same year emphasizes the dynamic and ever-changing nature of Bitcoin’s landscape. Meanwhile, 2023 is not an isolated case of growth. Looking back at the 14-year data, there’s a consistent pattern of upward momentum in terms of the number of confirmed transactions per day.
In 2009, the daily transaction average was 91 transfers, while in 2010, the median average escalated to 508 transactions. The momentum continued into 2011, with the average leaping to 5,210, followed by another surge to 23,096 per day in 2012. The trend persisted in 2013 with an average of 53,817 and soared to 69,216 per day in 2014. The upward climb marked 2015 with 125,134 transactions, 2016 with an average of 225,756, and 2017 witnessed a median average of 285,105 confirmed transfers each day.
Contrastingly, 2018 experienced a dip to an average of 223,002 daily transactions, less than the preceding year. 2019 rebounded to 328,174, but 2020 saw a decrease to an average of 307,523 daily transactions, and 2021 fell further to a median average of 267,935 transfers. The numbers in 2022 averaged 255,086 confirmed transactions per day, while 2023 has already shattered the yearly average with 378,833, and the year has not yet concluded.
Ethereum, ranking as the second-largest blockchain project by market capitalization, handles significantly more daily transfers than Bitcoin. Yet, Ethereum has not matched its peak number of confirmed transactions per day, which reached 1,932,711 on December 9, 2022. The apex of confirmed daily transactions on Ethereum for this year occurred on May 5, 2023, with 1,208,777. Despite this, Ethereum’s daily transfer count in 2023 has still not surpassed the fifth-highest record, a milestone achieved on May 13, 2022, with 1,342,405 transfers.
What do you think about Bitcoin breaking records as far as transaction activity is concerned this year? Share your thoughts and opinions about this subject in the comments section below.