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- According to market data, Bitcoin has succeeded in unseating Visa, a leading payment network, in transaction volume.
- The new development comes as on-chain seems to display a rather positive outlook for Bitcoin as supply heads towards a crucial zone.
Bitcoin, the largest cryptocurrency by market cap, is now launching against Visa, a leading financial service platform, as its transaction volume surges.
In a recent post shared to X, formerly Twitter, by Will Clemente, a well-known Bitcoin proponent and analyst, the analyst revealed that Bitcoin has successfully managed to surpass Visa in transaction volume.
He shared the new development with his 690,000 followers on the X platform, as he wrote the following;
Bitcoin has surpassed Visa’s annual transaction volume. Pretty incredible for a decentralized settlement network.Next up: ACH and ultimately Fedwire.
The Bitcoin proponent later went on to back up his post with fresh market metrics, displaying the difference in market performance between Bitcoin and Visa in recent times.
According to technical chart data, created by Reflexivity Research, Bitcoin’s annual settlement value depicted the asset’s performance, in comparison to some leading finance platforms, including ACH, Fedwire, and Visa.
Bitcoin has surpassed Visa's annual transaction volume. Pretty incredible for a decentralized settlement network.
Next up: ACH and ultimately Fedwire. pic.twitter.com/32VTILMNXI
— Will (@WClementeIII) September 16, 2023
However, while the Bitcoin supporter seems to be impressed with the metrics, and sees it as a pointer to the rising dominance of Bitcoin, other market players seem to be curious about the relevance of the data.
One user responded to his post, saying that the metrics were for useless transactions, as volume does not equal value/function while recognizing that the Visa network is way more functional in everyday life.
Bitcoin’s supply held by long-term holders is poised to break its all-time high
In response to the comment, Clemente explained the difference in the flexibility of the Visa payment network, and the Bitcoin blockchain network. As he explained;
Visa is a payment network, those transactions don’t reach finality until they’re batched together and settled through Fedwire. Bitcoin is a settlement network, direct P2P payments that reach finality in 10 minutes.
The new development comes at a time when the Bitcoin network is looking to strengthen its dominance as a leading blockchain. Notably, on-chain data is reflective of a positive upsurge in user activity, especially in relation to Bitcoin’s existing supply.
As shared by William Clemente, in a previous tweet, the percentage of Bitcoin’s supply held by long-term holders is now very well positioned to break its all-time high of 76%.
This data, gathered from Glassnode, refers to long-term holders as an on-chain entity that has held their coins for at least 155 days. Glassnode further revealed that its data team found that amongst these users, was where the most significant drop off in likelihood to spend, was spotted. Meanwhile, according to our data, the price of Bitcoin, at the time of this report, is trading at $27,105, after sustaining mild gains last weekend.
