- BTC surpassed Visa and MasterCard in transaction value.
- Bitcoin has a total of $42 trillion total transaction value last year.
- The largest cryptocurrency is trading at $22,685.79.
Last year, the Bitcoin Network surpassed both Visa and Mastercard when it came to total processing transaction value. Concretely, Mastercard, a pioneer in payment and innovation, garnered $7.7 trillion worth of transactions last year, while a close competitor, Visa garnered $14.1 trillion in the same period.
On the other hand, Bitcoin recorded $42 trillion worth of transaction value surpassing all its competitors. This is a testament to the meteoric rise of Bitcoin, which has grown from an alternative asset to becoming a secure and reliable form of payment.
The increasing adoption of Bitcoin and other cryptocurrencies as a form of payment has revolutionized the traditional banking system, allowing users to make safe and secure payments without relying on third-party intermediaries.
This trend of cryptocurrency adoption can be attributed to its strong security features, such as cryptographic encryption and a distributed ledger system.
In the same vein, both on-chain and technical data point to the fact that Bitcoin is now at a fork in the road where significant choices need to be taken. Bitcoin is now trading below a long-term negative resistance level, and the level is currently being retested by market participants.
If Bitcoin is successful in breaking past this barrier, it will mark the beginning of the end of the downward trend that has been speculatively occurring recently.
Bitcoin is currently changing hands at $22,685.79 with a 24-hour trading volume of $27,348,482,447. Bitcoin is down 1.86% in the last 24 hours with a live market cap of $437,194,375,452 according to Coinmarketcap data.
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