Bitcoin passes 400m milestone as cryptocurrency price continues to rise

Bitcoin's value has risen by a third since the start of April and continues to surge

Bitcoin, the world's first cryptocurrency, passed a major landmark in its history
Bitcoin, the world's first cryptocurrency, passed a major landmark in its history

Bitcoin has passed a major milestone amid a remarkable price surge, recording its 400 millionth transaction since its 2009 inception.

The cryptocurrency's value has risen by more than a third over the last month, with most of the gains coming during a major price spike at the beginning of April.

Currently trading at around $5,250 (£4,000), bitcoin still remains a long way of its late 2017 peak of $20,000, but the number of transactions on the bitcoin network has been steadily increasing since early 2019.

This has coincided with the cryptocurrency's recovery, which appears to have had a knock on effect across the market.

Other major cryptocurrencies boosted by bitcoin's recent resurgence include ethereum, ripple and litecoin.

The latest milestone comes just over a year after the bitcoin network passed 300 million transactions, showing that it continues to grow in popularity despite the price volatility.

Around 350,000 transactions take place every day – roughly four every second – across its decentralised blockchain.

Many of these transactions currently pass through China, where the majority of bitcoin mining operations are located, however this may soon be about to change.

The country's economic planning agency announced this week that it is considering a ban on bitcoin mining – the process of generating new units of the cryptocurrency by providing the computing power needed to confirm transactions.

If implemented, the ban would have a significant impact on the bitcoin network and potentially even the price of bitcoin, with analysts suggesting it could cause further price rises.

"It's more likely to push bitcoin prices up than down," market analyst Mati Greenspan told The Independent this week. "The loss of cheap Chinese electricity would raise the mining cost, which is net positive on price."

Register for free to continue reading

Registration is a free and easy way to support our truly independent journalism

By registering, you will also enjoy limited access to Premium articles, exclusive newsletters, commenting, and virtual events with our leading journalists

Please enter a valid email
Please enter a valid email
Must be at least 6 characters, include an upper and lower case character and a number
Must be at least 6 characters, include an upper and lower case character and a number
Must be at least 6 characters, include an upper and lower case character and a number
Please enter your first name
Special characters aren’t allowed
Please enter a name between 1 and 40 characters
Please enter your last name
Special characters aren’t allowed
Please enter a name between 1 and 40 characters
You must be over 18 years old to register
You must be over 18 years old to register
Opt-out-policy
You can opt-out at any time by signing in to your account to manage your preferences. Each email has a link to unsubscribe.

By clicking ‘Create my account’ you confirm that your data has been entered correctly and you have read and agree to our Terms of use, Cookie policy and Privacy notice.

This site is protected by reCAPTCHA and the Google Privacy policy and Terms of service apply.

Already have an account? sign in

By clicking ‘Register’ you confirm that your data has been entered correctly and you have read and agree to our Terms of use, Cookie policy and Privacy notice.

This site is protected by reCAPTCHA and the Google Privacy policy and Terms of service apply.

Register for free to continue reading

Registration is a free and easy way to support our truly independent journalism

By registering, you will also enjoy limited access to Premium articles, exclusive newsletters, commenting, and virtual events with our leading journalists

Already have an account? sign in

By clicking ‘Register’ you confirm that your data has been entered correctly and you have read and agree to our Terms of use, Cookie policy and Privacy notice.

This site is protected by reCAPTCHA and the Google Privacy policy and Terms of service apply.

Join our new commenting forum

Join thought-provoking conversations, follow other Independent readers and see their replies

Comments

Thank you for registering

Please refresh the page or navigate to another page on the site to be automatically logged inPlease refresh your browser to be logged in