Bitcoin network confirmed over 731,000 transactions on New Year's Eve, surpassing the previous peak of 723,459 on December 24, 2023.

The record is primarily driven by the use of ordinary inscriptions, with 314,003 inscriptions processed on the same day.

Despite the new daily on-chain transfer record, there are still approximately 351,000 transactions pending as of January 1, 2024.

The network processed transactions at an average rate of 8.10 per second on Sunday, resulting in approximately 30,000 transactions per hour.

Since January 1, 2024, the time it takes for block confirmations has varied between 9 minutes and 39 seconds and 8 minutes and 55 seconds.

Clearly, the Bitcoin network has been steadily expanding and has the capacity to satisfy a wide range of new demands.

Bitcoin has risen over 15% since December as the US Securities and Exchange Commission's Jan. 10 deadline for a spot ETF Bitcoin approaches.

Traders predict Bitcoin to reach $50,000 soon, largely mitigated by the crypto industry's 2022 crash.