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The author, NYDIG global head of research Greg Cipolaro and research analyst Ethan Kochav also determined that the Bitcoin network resolved more trading traffic in the first quarter of 2021 than "all credit card networks altogether for the whole year."

"For a payment system that just celebrated its 13th birthday, this is tremendous growth," they said. The first Discover card was issued in 1985, and the first American Express card was issued in 1958.

The Bitcoin network, on the other hand, still has a long way to go before it can catch up to Visa and Mastercard, which each handled $13.5 trillion and $7.7 trillion in transactions.

Related post: Recovering $130B: BTC rises 5%, Shiba Inu surges 37%, however, Bitcoin mining difficulty hits record high

It's also worth noting that the study only examined trading volume in terms of dollars, not the exact number of transactions. As a result, it's probable that many Bitcoin (BTC) transactions were simply people buying, selling, and trading their Bitcoin rather than utilizing it to purchase something.

While Bitcoin's transaction volume has not always increased in a linear fashion from year to year, Cipolaro and Kochav argued that it has "kept up at a blazing pace when calculating a 5-year cumulative yearly growth rate."

According to a November 2021 Block data analysis, the Bitcoin network might equal the monetary amount transferred on Mastercard's network as early as 2026. In terms of dollar value, it was also determined that the Bitcoin network had processed more volume than PayPal.

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According to estimates, the Bitcoin network will process $489 billion in quarterly transactions in 2021, surpassing PayPal's $302 billion.

As Bitcoin's price races towards $39,000, altcoins surge 30%.

Despite growing claims of adoption and multi-million-dollar funding rounds, the crypto market is in flux on Jan. 31, as many traders perceive Bitcoin's (BTC) dip as a warning that crypto winter is approaching.

Related post: Cardano investors doubled ADA holdings during the crash, while young BTC addresses sold theirs at a 36% loss

Experts see the current price swings as a good time to buy, with Bitcoin trading around $38,500, and the positive sentiment is spreading to altcoins.

According to reports from Cointelegraph Markets Pro and TradingView, the top gainers in the last 24 hours were DerivaDAO (DDX), Telos (TLOS), and Bonfida (FIDA).

VORTECS data from Cointelegraph Markets Pro revealed an optimistic prognosis for DDX on Jan. 25, before the latest price surge.

The VORTECS Score for DDX peaked at 70 on January 25, around 62 hours before the price rose 102 percent in the next three days, as illustrated in the chart above.

According to data from Cointelegraph Markets Pro and TradingView, FIDA's price has risen 84.72 percent to a daily high of $2.95 on Jan. 31. Its 24-hour transaction volume has risen by 81 percent to $28.5 million after hitting a low of $1.59 on January 28.

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The price and trading volume of FIDA has soared after the launch of perpetual futures trading on the AscendEX cryptocurrency exchange and the deployment of user registration of Twitter accounts with the Solana name service.

The overall market cap of cryptocurrencies is approximately $1.745 trillion, with Bitcoin accounting for 41.6 percent of the market.