Imagine a giant, digital ledger where millions of people around the world can send and receive money directly, without the need for banks. That’s the core idea behind Bitcoin, the world’s first and most famous cryptocurrency. This digital currency recently crossed a major milestone – processing over 1 BILLION transactions!
Think about it like this: If Bitcoin were a bank, it would have processed more transactions than most traditional banks in just over 15 years! This achievement highlights the growing popularity of Bitcoin and the potential of blockchain technology, the system that powers it.
A Bit of Bitcoin History:
Bitcoin’s journey began in 2009, when a mysterious figure named Satoshi Nakamoto launched the network. Think of it as a revolutionary new way to transfer money – secure, transparent, and borderless. Over the years, Bitcoin has gained significant traction, with more and more people using it for various purposes resulting processing over 1 BILLION transactions.
2024: A Big Year for Bitcoin
This year has been particularly exciting for Bitcoin. Here are some key events that fueled the excitement:
- The Rise of Bitcoin ETFs: Imagine buying a share of a stock that represents ownership of Bitcoin – that’s what a Bitcoin ETF does! In 2024, the US and Hong Kong saw the launch of these revolutionary financial products, making it easier for people to invest in Bitcoin without actually owning the digital currency itself.
- The Halving Event: Every few years, Bitcoin goes through a “halving” event, where the reward for mining new Bitcoins gets cut in half. This event, which happened in April 2024, is designed to control the overall supply of Bitcoin and potentially impact its value.
- Breaking Records: Fueled by the factors mentioned above, Bitcoin reached its all-time high of $73,737 in March 2024! This surpassed all previous records and demonstrated the growing confidence people have in this digital currency.
- Processing over 1 BILLION transactions: This achievement highlights the growing popularity of Bitcoin and the potential of blockchain technology, the system that powers it.
Just like any investment, Bitcoin experiences price fluctuations. Recently, the price dropped below $60,000, but it’s currently showing some positive signs again. This volatility is something to keep in mind if you’re considering investing in Bitcoin.
The success of Bitcoin ETFs and the growing interest from major financial institutions suggest that digital currencies like Bitcoin might be here to stay. However, it’s important to remember that Bitcoin is still a relatively new technology, and its future remains uncertain.
Ethereum can follow the BTC soon.
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Ethereum’s price exhibited stability before embarking on a recovery journey, mirroring Bitcoin’s upward movement. Breaking through the $3,000 hurdle, ETH successfully surpassed resistance levels at $3,050 and $3,120.
Despite this positive momentum, bears made their presence felt around the $3,165 mark, resulting in a minor correction. The price briefly dipped below $3,150 before finding stability. Presently, Ethereum remains above the 23.6% Fibonacci retracement level from its recent swing low of $2,813 to the high of $3,168.
Maintaining its position above $3,100 and the 100-hourly Simple Moving Average (SMA), Ethereum demonstrates resilience. Additionally, a notable bullish trend line emerges with support at $3,110 on the hourly ETH/USD chart.
Immediate resistance looms near $3,165, followed by a more substantial barrier at $3,200. Should Ethereum breach this level, the next significant hurdle lies at $3,250, potentially paving the way for further upward movement towards $3,350. Should bullish momentum persist and propel the price beyond $3,350, Ether could target the $3,500 resistance zone. Beyond this point, a breakthrough could propel Ether towards the $3,620 resistance area.
In essence, Ethereum’s recent price action signals a potential resurgence, with bullish indicators suggesting the possibility of further upward movement. However, investors should remain vigilant, keeping a close eye on key support and resistance levels as Ethereum navigates its path in the volatile cryptocurrency market.
Unlike the BTC 1 billion transactions, The Ethereum network processes transactions continuously, with the timing of when it will reach its next billionth transaction dependent on several factors. These factors include network activity, transaction volume, and overall demand for Ethereum. As of now, Ethereum has been steadily increasing its transaction count over time, with milestones such as reaching one million transactions occurring in 2017 and ten million transactions in 2018.