Bitcoin (BTC) undoubtedly had a bad year in 2022, and the original cryptocurrency went through its worst quarter in Q2 of 2022. However, crypto popularity continues to grow every day. According to David Puell, a researcher at ARK Invest, the total value transacted over the Bitcoin network has surpassed $100 trillion.
Puell cited data from Glassnode to back his claims. As per the graph shared by the researcher, the value transacted on the Bitcoin network has increased rather quickly in its 13 years of existence.
Did the Bitcoin network transact over $100 trillion?
The statistics shared by Glassnode contain transactions between wallets owned by the same person. Puell notes that the $100 trillion mark is an “interesting statistic.” Moreover, he argues that the network’s total cumulative activity is estimated to be $7.3 trillion.
This measure was reached after filtering out on-chain activities that do not show exchanges between two separate entities. Hence, it excludes transactions between wallets owned by the same user.
Nonetheless, the measures still show steady and quick growth for Bitcoin’s acceptance. Moreover, major financial institutions have accepted crypto as a valuable asset class. JP Morgan, Goldman Sachs, and even the world’s largest asset manager BlackRock, have all stepped into the space. Furthermore, even retirement plans include Bitcoin in their investments.
Although the space is currently in a downturn, BTC has historically always gone higher than its previous ones. 2021 was one of the best years for the crypto space, and most tokens reached their all-time highs in the bull run in late 2021. However, 2022 came was a reality check for many, and it was unlike anything seen before. Nonetheless, the industry continues to grow and expand.
At press time, BTC was trading at $21,694.56, up by 1.7% in the last 24 hours.