Bitcoin, the leading cryptocurrency, has outpaced Mastercard and Visa in daily transaction volume, reaching an impressive $46.4 billion in unfiltered on-chain transactions. According to research from Glassnode and CME Group, Bitcoin now surpasses these global payment giants in this metric. The unfiltered on-chain daily transaction volume for Bitcoin is $46.4 billion, while the filtered economic transfer volume is $6.5 billion.
This surge in Bitcoin's daily transaction volume follows a market recovery from a significant drop caused by the German government's on-chain activities. The overall market sentiment has shifted from fear to greed within days. Despite a slight decrease in Bitcoin's market capitalization, it still stands at approximately $1.3 trillion, higher than Mastercard's $418 billion and Visa's $556 billion.
Bitcoin transaction volumes typically increase during bull runs, with more investors eager to buy BTC. On July 16, the Bitcoin network recorded 529,056 transactions. This higher transaction volume compared to Mastercard and Visa indicates the growing acceptance of cryptocurrencies as a legitimate financial alternative.
Stablecoins, including Tether (USDT), Circle (USDC), and DAI, have also outperformed Visa in daily volumes, as reported by Nansen Research Portal in April. Stablecoins have gained widespread adoption due to their perceived stability compared to other cryptocurrencies. Tether leads this category with a market capitalization of $113 billion, while Circle's USDC is the first stablecoin to be MiCA-approved in Europe, challenging Tether's dominance.
The stablecoin market is becoming more competitive with new entrants like Paypal and Ripple. However, Bloomberg suggests that a significant portion of stablecoin transactions may not come from real users, casting doubt on the organic nature of their success.
Stablecoins are cryptocurrencies designed to maintain a stable value by pegging them to another asset, such as a currency or commodity, making them less volatile than other cryptocurrencies. Most stablecoins are pegged to the dollar at a 1:1 ratio. In 2022, Visa-branded cards accounted for nearly 40% of global card transactions, compared to Mastercard's 24%. Now, Bitcoin surpasses both Visa and Mastercard in daily transaction volume.
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