How Does Bitcoin Volume Compare To Visa, Mastercard?
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Data from the on-chain analytics firm Glassnode has revealed how the Bitcoin transaction volume compares with traditional payment processors. Bitcoin Is Currently Witnessing On-Chain Volume Of $46.4 Billion Per Day As explained by Glassnode in a new post on X, BTC’s on-chain transaction volume currently stands at $46.4 billion per day. The on-chain transaction volume here naturally refers to a metric that keeps track of the total amount of Bitcoin becoming involved in network transfers. Below is the chart shared by the analytics firm that displays how the on-chain transaction volume of BTC compares against some traditional payment processors. The trend in the BTC transfer volume over the past decade | Source: Glassnode on X As is visible in the graph, Bitcoin’s current on-chain volume of $46.4 billion per day is more than Visa and Mastercard’s $38.9 billion per day and $24.7 billion per day, respectively. Something to note, though, is that this BTC volume includes all sorts of on-chain activities the users might be participating in. As such, it contains information about way more than just economic transfers. In the chart, Glassnode has also attached the data for a filtered volume of cryptocurrency, which provides an estimation for economy-based transactions. The analytics firm has combined two volumes to arrive at this estimation: the spot trade volume (the amount getting involved in trades on the various spot exchanges) and the adjusted on-chain volume. The adjusted on-chain volume refers to the volume made up of transactions between different entities. Glassnode defines an entity as a cluster of addresses the analytics firm has determined to belong to the same investor through its analysis. Transactions between the addresses of the same investor don’t carry the same meaning as those between different investors, which is why Glassnode has gone with the entity-adjusted approach. The…
Filed under: News - @ July 18, 2024 7:12 pm