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Bitcoin breaks records after its network processed up to $8.9 billion coins in one hour according to the recent data that we have in our Bitcoin news today.

As per the data, for the first time in history, the network processed a total of $8.9 billion in an on-chain transaction in one hour yesterday (December 4) which is a sign of massive improvement of the blockchain. In the last two years, Bitcoin’s daily transaction volume has seen an incredible growth by increasing from the $200 million range in 2017 to more than five times the number at the start of the year.

Although the new record does not have any important effect on the current price action and the markets overall, it clearly shows how well the entire bitcoin network has performed so far with more and more transactions being processed every day which Is why bitcoin breaks records continuously. According to Glassnode, the on-chain market intelligence company for digital assets, the $8.9 billion USD hourly transaction volume on the network was only a result of the several large transactions that were made by the Bittrex exchange in one hour.

Not only there is a huge increase in transaction volume, but the transaction fees on the Bitcoin network are still staying impressively low. For example, the data reveals that three large bitcoin transactions from the past couple of days at 46,000 BTC ($337 million), 43,000 BTC ( $313 million) and 57,000 BTC ($415 million) were processed with fees ranging from $0.40, $1.0 and $5.0 respectively.  In other words, more than .
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07 billion was transferred with a few of just $6 which is extremely low compared to what it would have been if the transactions were done in fiat.

Anyway, all of the above said goes on the display some of the benefits of Bitcoin which is different from its price and the role as a store of value. It seems that the network is capable of handling huge transactional volumes and that it has only been improving in time. The price, however, remains volatile with swings daily as we reported in the previous bitcoin price news. One well-known crypto analyst who almost exclusively focuses on long-term plays on cryptos like Bitcoin or precious metals has for a long time shared charts that targeted the current price levels as a perfect buy zone.