Bitcoin emerges in the first quarter with a price increase of 70 % and 800 million passed transactions as winners: report

Bitcoin emerges in the first quarter with a price increase of 70 % and 800 million passed transactions as winners: report
After a bumpy end of 2022, Bitcoin ended the first quarter well in the green area and recorded impressive 70 % profit.
The core network activity was drawn in the middle of the general market recovery. According to data that put together the performance of the network and the asset in the first quarter, Bitcoin has exceeded 800 million transactions for a total of over $ 107 trillion. This is an enormous performance for a network that has only existed since 2008.
- Despite the Baisse, there were active addresses in the Bitcoin network on a upward trend .
- With regard to the distributed offer, the number of companies that keep less than 10 BTC is also increased to 17 % of the total offer.
- The advent of ordinals and BRC-20 tokens on Bitcoin was made possible by the Taproot-Soft Fork, which came into force last November. Although this was controversial, an enormous increase in the acceptance and use of Taproot was observed.
- Since the number of transactions explodes, miners are expected to achieve more income in the form of transaction fees.
- An increase in total transaction fees and the percentage of miner revenue from fees signals the sustainable safety model from Bitcoin.
- Meanwhile, the network-hash rate near all-time highs hovers after reaching a record level of 400 Eh/s, which offers the battered mining sector an urgently needed thrust.
- The capacity of the Lightning Network from Bitcoin also rose to over $ 50 million. While acceptance was low, the turnaround was encouraging for its development.
- Recently, a report by Valkyrie Investments found that the introduction of LN in aspiring markets such as South America and Africa gains driving, mainly due to the efforts of the mobile LN payment application Strike.
- Bitcoin also managed to exceed most assets in the first quarter, which, according to ITB research, "indicates its growing attractiveness as a digital value preservation means, with its correlation with the gold price from -0.3 at the beginning of the year to 0.9 at the end of the year."
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