The growth of the cryptocurrency market leads to both an increase in user activity and an increase in transaction volume. If BTC is worth $43,000 now, then in September 2022 the coin was trading at $20,000. However, the monthly transaction volume was even higher than the current one.
Throughout 2023, the monthly volume of transactions on the Bitcoin network did not exceed $1 trillion, with the exception of December. Analysts attribute this to the fact that traders expected the launch of spot ETFs for bitcoin, and after the appearance of such funds, they increased their activity.
The number of transactions on the Bitcoin network in December last year was even higher than in January 2024 -17.54 million versus 14.74 million. At the same time, growth began in 2023. This is mainly due to the appearance of an analogue of NFT ― Bitcoin Ordinals. The maximum volume of transactions was recorded in November 2021 ― $8.15 trillion, but only 8.3 million transactions were performed during the month.