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Bitcoin has set a new record by processing more transactions in a single day than ever before. On Sunday, Bitcoin's daily transaction count climbed above 568,300, surpassing its previous peak during the 2017 bull market by nearly 78,000 transactions.
The new Ordinals feature, which allows digital assets such as sound recordings, artwork or video games to be attached to individual satoshi, Bitcoin's smallest unit, was a major contributor to the new record. More than 307,000 transactions on Sunday were Ordinals, a 16 percent jump from the previous record set on Saturday. That means Ordinals contributed to about 54% of Bitcoin's daily transactions at its all-time high.
The new record for the number of Bitcoin transactions is a clear testament to its growing popularity and blockchain technology. The introduction of Ordinals has further strengthened the cryptocurrency's position as the world's most popular digital currency. It has opened up new uses for Bitcoin beyond monetary transactions and paved the way for new forms of digital assets that can be written into the blockchain.
As many as 46% of millennials based in major economies such as the United States, China, Japan, Germany and France own cryptocurrencies, according to a recent study. Approximately 255,000 adults from 26 countries participated in the survey, with approximately 10,000 respondents per country. The study revealed that 46% of millennial respondents own cryptocurrencies, compared to 25% of Generation X, 21% of Generation Z and 8% of baby boomers.
Several studies suggest that early in the next decade, demographic processes may lead to a dramatic shift towards increased acceptance of cryptocurrencies, as a higher proportion of younger generations continue to show strong demand for cryptocurrencies, despite slowing population growth.
In October 2022, a Charles Schwab survey revealed that nearly 50% of Generation Z and millennials want cryptocurrencies in their retirement funds. These findings pointed to the growing interest of millennials in cryptocurrencies, which could signal a change in their approach to finance.
History shows us that Bitcoin's long-term value growth usually goes through cycles. After the bear market ends and the subsequent market consolidation, when Bitcoin's value stabilizes, there is a period of so-called accumulation. During this period, investors and institutions begin to buy Bitcoin in bulk, causing demand to increase and the price to rise. This period of buying often lasts for several months and ends with the start of a bull market, when the value of Bitcoin starts to rise exponentially. The last four months show that we are in just such a phase.
In addition to historical cycles, there are several other key factors that suggest Bitcoin and cryptocurrencies may soon enter a period of significant growth. These factors include:
1. Adoption by institutional investors: a number of large corporations and financial institutions have begun investing in Bitcoin as an alternative to traditional assets, increasing demand and interest in cryptocurrencies.
2. Technological progress: The development of new technologies such as the Lightning Network improves the usability and reach of Bitcoin, which contributes to its greater adoption and value.
3. Macroeconomic factors: In a world of uncertainty and inflationary pressures, investors are increasingly looking for capital, and Bitcoin is often hedged behind digital gold, which offers protection.
Based on the above factors, we can assume that we could witness another bull market for Bitcoin and cryptocurrencies in the upcoming months or within a year's horizon. However, this is not investment advice and as with any investment, it is important to be mindful of the potential risks. Always invest responsibly and in line with your financial goals, risk tolerance and through verified cryptocurrency wallets such as Wexo.