$19 Trillion in Transactions on the $BTC Network in 2024

More than $19 trillion in transactions were made on the Bitcoin network in 2024, more than double the $8.7 trillion that was made on the network in 2023. This marks two years of declining transaction volume since 2021.

Bitcoin transaction volume peaked at around $47 trillion during the 2021 bull market, according to data from Riot Platforms Vice President of Research Pierre Rochard, as reported by CoinTelegraph’s Vince Quinn, before falling sharply in 2022 and 2023.

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

Bitcoin hashrate to hit record high in early 2025

The Bitcoin network’s hashrate (the total computing power that secures the Bitcoin protocol) reached an all-time high of 1,000 exahashes per second (EH/s) on January 3, 2024.

However, at the time of writing, the hashrate has rapidly fallen to around 775 EH/s, according to data from CryptoQuant.

Bitcoin mining pools based in the United States accounted for more than 40% of the global hashrate in 2024. Hashrate dominance (the country that controls the most computing power on the Bitcoin network) remains debatable.