The volume of cryptocurrency transactions in the Bitcoin network exceeded $ 100 trillion

The total value of cryptocurrency transactions in the Bitcoin network has exceeded $ 100 trillion, Ark Invest analyst David Pewell said.

The total value transacted in USD on the #Bitcoin network just passed the 100 trillion mark. pic.twitter.com/zKGicZDfEj

— David Puell (@dpuellARK) August 24, 2022

According to David Pewell, the cost of transactions in the Bitcoin network and the real economic activity in the blockchain are different. Thus, according to the Glassnode service, which takes into account transfers between cryptocurrency wallets belonging to the same users, the real economic activity in the blockchain is $ 7.3 trillion, which is almost 15 times less than the previous figure.

According to Arcane Research, the cryptocurrency exchange Binance processes 80% of all bitcoin transactions. In early August, it became known that the trading volume of the BTC is approaching the annual maximum, and most of the transactions are made on Binance daily. Thus, the daily trading volume of bitcoin fluctuated at $ 7 billion, of which 80% were processed on Binance.