Quick Take

As the curtain begins to fall in 2023, data reveals a striking trend in the Bitcoin network – the on-chain settlement value has surged remarkably. The total value of coins transferred on-chain, measured in US dollars, has witnessed a significant leap from $105 trillion at the start of the year to a staggering $113 trillion. This figure encapsulates the cumulative sum, an aggregate measure where each data point sums up all previous elements along with the current one in the sequence.

To put this growth in perspective, the Bitcoin network had settled $67 trillion at the onset of 2022. This points towards a steep appreciation in the settlement value over the last two years.

Cumulative Sum of Transfer Volume: (Source: Glassnode)

The rapid growth underlines the increasing adoption and usage of Bitcoin, underscoring its growing position in the financial ecosystem. In terms of adoption metrics, the count of unique Bitcoin addresses holding a non-zero balance is on the verge of reaching the 50 million mark.

Number of addresses with a non-zero balance: (Source: Glassnode)

The post Surging to $113 trillion, Bitcoin on-chain settlement showcases extraordinary growth appeared first on CryptoSlate.

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Filed under: Bitcoin - @ November 20, 2023 1:18 pm