ChainCatcher news, Cointelegraph reports that the settlement transaction volume on the Bitcoin network is expected to exceed $19 trillion in 2024. This figure not only is more than double the $8.7 trillion settlement amount in 2023 but also marks a reversal of the declining transaction volume trend since 2021.

Data provided by Pierre Rochard, Vice President of Research at mining company Riot Platforms, indicates that Bitcoin transaction volume peaked at around $47 trillion during the bull market of 2021. However, transaction volumes sharply declined in 2022 and 2023. As the market changes, the expected growth in 2024 may bring new vitality to the industry, warranting continued attention.