As of Nov. 11, 2024, bitcoin (BTC), the undisputed crypto heavyweight, has enjoyed a phenomenal year. Over the last ten months, it has been breaking records across the board. From hashrates to daily transaction peaks, price surges, and making an impact in non-fungible tokens (NFTs) and decentralized finance (defi), BTC has been on a non-stop streak. To commemorate these achievements, we present an extensively researched recap of bitcoin’s 2024 highlights, topped off with year-end price forecasts from Bitcoin.com experts.

Bitcoin’s Many Achievements Over the Last 312 Days

In the wake of the U.S. presidential election, where Donald Trump claimed the 47th presidency, bitcoin (BTC) soared to new USD heights. Over the past 312 days, BTC has climbed by 92% against the U.S. dollar, with Bitstamp recording an all-time high of $89,482 per coin on Nov. 11. But that’s just the start. This year has been a record-breaking journey for the crypto titan. Thanks to insights from the analysts at Bitcoin.com News, here’s a full rundown of BTC’s 2024 achievements.

After Bitcoin.com’s research report was completed, bitcoin (BTC) hit an all-time high of $93,483 on Nov. 12, 2024.

Bitcoin Fees and Transfers

The Bitcoin network shattered records in 2024, hitting all-time highs in onchain fees and daily confirmed transactions. While its transfer rate doesn’t surpass all current blockchain networks, Blockchair.com stats show Bitcoin hit nearly a million transfers in a single day. On April 23, the network reached its peak with a staggering 927,010 transactions in just 24 hours. Another high point came on Sept. 8, with 910,083 transactions recorded. This surge in onchain activity was largely driven by everyday financial transactions, along with Ordinal inscriptions and Runes.

While the highest average fee reached $127, the most economical average, clocking in around $0.38, was paid on Sept. 8. Across all daily average fees, the typical payout came to $5.51 per transaction.

Hashrate and Difficulty

On Jan. 1, 2024, the Bitcoin blockchain’s total computing strength kicked off the year at roughly 512 exahash per second (EH/s). Fast forward to now, and the hashrate is cruising at 719 EH/s, meaning over 200 EH/s joined the network in the past ten months. The seven-day simple moving average (SMA), according to hashrateindex.com, hit its highest point of 766 EH/s on Nov. 1, 2024. This ramp-up in computational muscle also sent Bitcoin’s mining difficulty soaring to unprecedented levels, touching an impressive 100 trillion. On Nov. 4, the most recent difficulty adjustment nudged this figure up to 101.65 trillion, marking the toughest challenge miners have ever faced to unlock a block.

This surge in hashrate is a testament to Bitcoin’s network resilience and security. Hashrate quantifies the computational power miners lend to the network, measured in hashes per second (H/s). A climbing hashrate reflects a more fortified network, as more miners are vying to validate transactions and uphold blockchain integrity. This enhancement also means increased resistance to potential threats, as any would-be attacker would need colossal resources to disrupt the system. Difficulty, which adjusts in response to hashrate changes, keeps block discovery close to a ten-minute pace, aligning supply with demand. Altogether, in 2024, these metrics spotlight Bitcoin’s core network robustness and dependability.

Spot Bitcoin Exchange-Traded Funds

On Jan. 11, 2024, a milestone was reached as ten spot bitcoin exchange-traded funds (ETFs) began trading on the stock exchange. Now, the ETF count has climbed to 12, and since their market debut, sosovalue.com stats indicate that these funds have amassed $25.79 billion in positive inflows. According to data from timechainindex.com, the ETFs collectively hold over 1 million BTC, translating to a value of $78.9 billion. This reserve represents 5.21% of bitcoin’s total market cap.

Among the ETFs, Blackrock’s IBIT leads, managing a substantial holding of more than 446,000 BTC. Grayscale’s GBTC follows with just over 217,000 BTC, and Fidelity’s FBTC secures more than 188,000 BTC. Ark Invest and 21shares’ ARKB holds over 48,000 BTC, while Bitwise’s BITB oversees more than 42,000 BTC. Grayscale’s Bitcoin Mini Trust rounds out the list, managing upwards of 34,000 BTC. The six ETFs mentioned above together manage a hefty 975,000 BTC, out of the grand total of 1.002 million BTC held across all 12 funds.

With over 5% of bitcoin’s market cap now controlled by ETFs, the rapid growth of these investment vehicles underscores their increasing role in mainstream financial markets. This substantial accumulation highlights a shift toward institutional adoption, reflecting a confidence in bitcoin’s long-term potential and a pivotal step in bridging the gap between traditional finance and digital assets.

NFTs

Since late 2023, bitcoin has been tapped to mint non-fungible tokens (NFTs) at a scale unlike anything seen before. This shift began with the debut of Ordinals Theory, a creative innovation by programmer Casey Rodarmor. Ordinals offer a unique method for embedding data on the Bitcoin blockchain, enabling the creation of NFTs and tokens like BRC20s. According to ordinals.com, around 77,282,122 Ordinal inscriptions have been recorded on the Bitcoin blockchain since the very first one.

This surge of digital collectibles has ignited a thriving economy of tokens and NFTs, with bitcoin clocking $4.63 billion in NFT sales over more than four million transactions, according to cryptoslam.io metrics. This impressive volume has propelled Bitcoin to the third spot among blockchains in NFT sales. Although it trails Ethereum’s $44 billion, Bitcoin isn’t far off from Solana, the runner-up below Ethereum, with $5.94 billion in sales. April 2024 marked Bitcoin’s peak sales month, with $713.77 million settled during that time. Despite other layer one (L1) chains’ substantial head start in NFTs, Bitcoin’s rapid climb to the third position stands out as an achievement.

Decentralized Finance

Just as non-fungible tokens (NFTs) have captivated attention, Bitcoin has made its mark in decentralized finance (defi) this year. In 2024, Bitcoin (BTC) holds a hefty $3.29 billion in value across 24 protocols. Leading the pack, Babylon claims the highest stake with $1.922 billion, while Lombard and Solvbtc follow closely, embracing the world of BTC staking. Through Babylon and its staking peers, bitcoin holders can put their BTC to work, earning a yield along the way.
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