More Than $19 Trillion in Transactions Was Completed on Bitcoin Network in 2024

In 2024, the Bitcoin network processed over $19 trillion in transactions, more than doubling the $8.7 trillion settled in 2023.

This surge represents a significant turnaround after two years of declining transaction volumes since 2021, according to Pierre Rochard, vice president of research at Riot Platforms.

Bitcoin’s transaction volume peaked at $47 trillion during the 2021 bull market but experienced a sharp decline in the following years.

“The Bitcoin network finalized more than $19 trillion worth of BTC transactions in 2024, decisively proving that Bitcoin is both a store of value and a medium of exchange,” Rochard remarked.

Bitcoin’s strong performance in 2024 was fueled by key milestones, including the approval of a U.S.-based Bitcoin exchange-traded fund (ETF), the April halving event, and a record price of around $108,000.

Additionally, the network’s security reached new heights, with Bitcoin’s hashrate — a measure of the computing power securing the network — hitting an all-time high of 1,000 exahashes per second (EH/s) on January 3, 2024.