In 2024, the Bitcoin network witnessed a remarkable explosion in transaction volume, processing more than $19 trillion. This figure contrasts sharply with 2023’s tally of $8.7 trillion and represents an impressive turnaround following two years of declining levels of activity that began in 2021.
Rising Transaction Volume
Pierre Rochard, vice president of research at Riot Platforms, conducted a study that revealed how transaction volume soared to an unprecedented high during the bull market of 2021, exceeding $47 trillion. However, the subsequent years saw a significant drop in activity during 2022 and 2023. Rochard emphasized that the Bitcoin network’s performance in 2024, which hit over $19 trillion in transactions, underscores its potential as both a valuable asset and a practical means of exchange.
Significant Milestones
This past year proved to be pivotal for Bitcoin (BTC), characterized by several significant milestones. Among these were the introduction of a Bitcoin exchange-traded fund (ETF) in the U.S., the halving event that occurred in April 2024, and a spectacular increase in price that peaked at nearly $108,000. All these factors worked in concert to reinvigorate transaction activity within the network.
A New Era for Bitcoin
Thus, the resurgence of Bitcoin in 2024 signals not just a recovery, but perhaps a new era for the cryptocurrency, showcasing its dual role as a store of value and a conduit for transactions.
Source: Cointelegraph
