BTC`s Annual Transfer Volume at Its Highest Despite Bear Market

The-growth-of-bitcoin
  • Bitcoin`s Annual Transfer Volume at Its Highest: $14 Trillion.
  • Cryptocurrency has had an awful performance in 2022.
  • Bitcoin’s effect on humanity has been phenomenal.

Despite the gloomy market sentiment, the volume of transfers for bitcoin has been growing. Currently, the transfer volume is $14 Trillion up by 36% from the previous year. The volume climbed $2.3 to $13.1 from 2020 to 2021 according to Michael Saylor`s analytics. This was technically the greatest annual transfer volume rise to date.

The volume climbed from $0.5 to $2.7 Trillions from 2016 and 2017. Despite the brief downturn in price movement, the transfer volume reflects Bitcoin’s strong fundamentals.

Notably, the second quarter of 2022 was the worst quarter for Bitcoin in a decade as its spot price fell by 58 percent. Only the third quarter of 2011 saw bitcoin decline 68%, exceeding the terrible performance of Q2. Even still, ether’s price decline in Q2 was greater than that of bitcoin, as the native token of the top decentralized banking platform fell 69%.

There are several reasons why digital assets are struggling in the current weak market. The macro situation is historically difficult, and inflation is off the charts.

Forbes reports that inflation in Germany has hit its highest point in 70 years. Furthermore, there was a real war going on in Europe. The combination of these elements has made the market environment challenging for practically all asset types.

Despite all of this, Bitcoin has had a great impact on humanity. Economic freedom is beneficial for the entire globe, as Coinbase’s Brian Armstrong recently stated. According to him, huge prosperity has resulted from factors like property rights, sound money and lowering friction. The finest invention is cryptocurrency, which must be made available everywhere.

Despite the macro uncertainties, Bitcoin and Ethereum have stayed remarkably strong. This resilience is a promising sign for the future. Investors seeking to price in the September merger have shown a specific preference for Ethereum.

On specifics, Bitcoin has increased 1.56 percent in the previous day and is now trading in a bullish trend. According to Coinmarketcap, BTC is now being sold for $20,612.73 with a $46,330,026,286 24-hour trading volume.

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Godfrey Mwirigi is an enthusiastic crypto writer with an interest in Bitcoin, blockchain, and technical analysis. With a focus on daily market analysis, his research helps traders and investors alike. His particular interest in digital wallets and blockchain aids his audience in their day-to-day endeavors.

programmer & freelance writer