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Bitcoin reached a historic milestone in 2024. In the span of a year, $19 trillion transacted on its network, an absolute record that marks the end of two years of declining transaction volume. This spectacular recovery reflects the return of investor confidence, driven by several major events. The approval of Bitcoin ETFs in the United States facilitated the entry of institutional capital, while the halving in April 2024 increased the scarcity of BTC, fuelling demand. At the same time, the network has significantly strengthened, with a hashrate at an unprecedented level of 1,000 exahashes per second. Behind these staggering figures, a shift is occurring: Bitcoin is consolidating its status both as a store of value and as a global transactional infrastructure, raising questions about its future and role in traditional finance.
A spectacular rebound in bitcoin transaction volume
The bitcoin is making a strong comeback in 2024, ending two years of decline. Indeed, the network recorded over $19 trillion in transactions, more than double the $8.7 trillion processed in 2023. According to Pierre Rochard, Vice President of Research at Riot Platforms, “this figure decisively proves that bitcoin is both a store of value and a medium of exchange.”
This surge in activity is no coincidence. The approval of Bitcoin ETFs in the United States opened the door to a massive influx of institutional capital. At the same time, the demand for BTC payments has intensified, spurred by the rise of the Lightning Network, which reduces costs and accelerates transactions. In this context, bitcoin is no longer limited to a speculative asset. It positions itself as a global financial infrastructure capable of handling colossal volumes with unmatched security.
Structural factors supporting the rise of bitcoin
The rise of bitcoin is not limited to transaction volumes. Thus, the network’s security has reached an unprecedented level, with a spectacular increase in hashrate. By early January 2025, computing power reached a record of 1,000 exahashes per second (EH/s) before dropping to 775 EH/s. This progress reflects the commitment of mining companies, willing to invest in more efficient infrastructures despite rising energy costs and increased competition.
Meanwhile, the distribution of hashrate is evolving. American mining pools captured over 40 % of the total power in 2024, reinforcing their influence on the ecosystem. However, Chinese pools maintain a dominant position, despite government restrictions and increased scrutiny. This gradual shift highlights a major issue: bitcoin remains decentralized, but its geopolitical balance is in constant flux, influenced by regulatory developments and the industrial strategies of major mining powers.
The rapid rise of bitcoin in 2024 creates as many opportunities as questions. With transaction volumes surpassing $19 trillion and a price that peaked at $108,000, the enthusiasm for this asset has never been stronger. This dynamic attracts long-term investors, as well as more speculative players, which could intensify market volatility. At the same time, the issue of scalability becomes central. The rise of the Lightning Network and other second-layer solutions appears essential to absorb this growth without burdening fees and transaction times. Furthermore, the increasing prominence of Bitcoin ETFs strengthens the ties between BTC and traditional finance, making the asset more accessible but also more exposed to macroeconomic fluctuations and regulatory pressures. While 2024 marks a key milestone in Bitcoin’s history, the future of the network will depend on its ability to reconcile institutional adoption and the preservation of its decentralization. This fragile balance will shape bitcoin’s role in the global financial landscape in the coming years.
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Diplômé de Sciences Po Toulouse et titulaire d’une certification consultant blockchain délivrée par Alyra, j’ai rejoint l’aventure Cointribune en 2019.
Convaincu du potentiel de la blockchain pour transformer de nombreux secteurs de l’économie, j’ai pris l’engagement de sensibiliser et d’informer le grand public sur cet écosystème en constante évolution. Mon objectif est de permettre à chacun de mieux comprendre la blockchain et de saisir les opportunités qu’elle offre. Je m’efforce chaque jour de fournir une analyse objective de l’actualité, de décrypter les tendances du marché, de relayer les dernières innovations technologiques et de mettre en perspective les enjeux économiques et sociétaux de cette révolution en marche.
DISCLAIMER
The views, thoughts, and opinions expressed in this article belong solely to the author, and should not be taken as investment advice. Do your own research before taking any investment decisions.
