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Despite the hurdles, Bitcoin adoption increased in 2022

Data suggests that the Bitcoin blockchain has lived up to the expectations, accounting for a considerable number of transactions, despite Bitcoin experiencing one of the challenging moments last year.

CoinMetrics, an on-chain analytics business, has shown that an astonishing $8.2 trillion was transacted over the Bitcoin blockchain in the previous year, despite the worrying pricing. Thus, these numbers demonstrate that an average of $260,000 has been exchanged over the aforementioned blockchain per second.

Below is a chart depicting the growth or decline of Bitcoin transactions over the last year on the blockchain. Despite the lengthy bear period, sources say the size of the transaction reflects the growing importance of the biggest cryptocurrency in the world by market capitalization.

The data shows that the number of blockchain transactions fell dramatically in the year’s second half. Bitcoin’s 2022 timeline is murky, with the asset plunging for much of the year until staging a rescue rebound in early November.

The upswing in November was propelled by several favorable factors, although it only slightly increased the volume of deals. According to other reports, Bitcoin advocates could also applaud the transaction volumes since they believe it shows that Bitcoin is mature enough to be accepted by major financial institutions.

Unstable Market Condition

The FTX crypto exchange’s demise has also impacted Bitcoin, and its ripples are expected to be felt far beyond 2023. According to another source, the number of Bitcoin billionaires dropped by nearly 70 percent in 2022 as a direct consequence of the market correction.

Considering Bitcoin is still functioning in an atmosphere of high inflation and regulatory uncertainty, the price correction might continue for some time. In fact, if the market experiences a surge, more transactions will be recorded in the Bitcoin blockchain. BTC is now trading for $16,815.60, a 0.17% decrease from the previous day but a 1.73% increase over the last 5 days.

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