Bitcoin, the primary crypto asset has surpassed Mastercard and Visa in terms of daily transaction volume with a staggering $46.4 billion in unfiltered on-chain transactions.
The Primary crypto asset now has a higher daily transaction volume than global payment giants Mastercard and Visa according to Glassnode and CME group research.
The unfiltered On-Chain daily transaction volume of Bitcoin stands at $46.4 billion while the filtered economic transfer volume stands at $6.5 billion.
The increase in daily transaction volume for Bitcoin is as a result of the market resurging from a massive drop last week following the selling pressure heaped on Bitcoin by the On-chain activities of the German government.
The Overall market sentiment in the industry has switched from fear to greed in a matter of days.
Despite the slight drop in the market capitalization of Bitcoin. The primary crypto asset with a market cap of approximately $1.3 trillion is worth more than Mastercard and Visa which are worth $418 billion and $556 billion respectively.
It is not surprising for Bitcoin transactions to spike during Bull runs as the market index shifts to Greed signaling more people are ready to buy BTC assets.
On July 16 the Bitcoin network recorded a total of 529,056 transactions. Bitcoin having more daily transaction volume than Mastercard and Visa spells the growing adoption of cryptocurrencies as a legitimate financial alternative.
Stable coins outperform Visa in daily volumes.
Nansen Research Portal in an April report revealed that stablecoins like Tether (USDT), Circle (USDC) and DAI all generated higher volumes than Visa’s average monthly total throughout last year.
Stable coins have enjoyed wide global adoption due to it been perceived as a solution to the volatile nature of cryptocurrencies.
Tether (USDT) remains the major industry player in this category of crypto assets with a market capitalization of $113 billion. Circle’s USDC remains a rival to Tether’s dominance and is set to gain more grounds being the first Stable coin to be MiCA approved in Europe.
The stable coin category is getting extra competitive with other players like Paypal and Ripple joining the fray.
Stablecoins despite its massive success so far is touted to be largely inorganic with a majority of its transactions not coming from real users according to Bloomberg.
What to Know
- Stablecoins are a type of cryptocurrency that is designed to maintain a stable value by linking their value to another asset class, such as a currency or commodity. This makes them less volatile than other cryptocurrencies. Most stablecoins are pegged to the value of the dollar in a ratio of 1:1.
- Visa is quite bigger than Mastercard in terms of transactions, purchase volume, and cards in circulation. In 2022, Visa-branded cards were used for nearly 40% of all global card transactions, while Mastercard’s share was 24%. Bitcoin has a higher daily transaction volume than both Visa and Mastercard.
