In 2024, the Bitcoin network cleared more than $19 trillion worth of transactions, which is more than an increase more than an increase against $8.7 trillion settled in 2023. The above marks a clear recovery after two years of declining transactional volumes that started after 2021, Pierre Rochard, Vice President of Research at Riot Platforms said.
The transaction volume of Bitcoin surged during 2021 bull market and reached around $47 trillion, however it nosedived in hitting lows in subsequent years. ’The Bitcoin network cleared transactions worth over $19 trillion in BTC in 2024, further cementing the position of Bitcoin as a store of value and a means of trading,’ Rochard states.
US Dominates the Bitcoin ETF Market
The United States has positioned itself to be the dominant player of the Bitcoin ETF market, specifically with the launch of the Spot Bitcoin ETFs. With the launch of the Spot Bitcoin ETFs set to go live, it is believed that Bitcoin can breach the $1 trillion mark. Not only did the approval of the first US based bitcoin ETF aid in pushing Bitcoin’s price but the increasing transaction volume and global adoption of the currency enabled it to soar and be valued at $100 million.
Furthermore, as of January in 2024 Bitcoin’s have soared as it reached the $100,000 mark with Bitcoin’s hash rate hitting an almost staggering 1000 exahashes per second. This in turn has helped cement Bitcoin’s position as a decentralized currency which can be used globally.
Bitcoin has been increasing rapidly in its worth and popularity, recording a growth of $1 trillion. This is supported by the increasing US adoption which displays the burgeoning investor interest in the currency. In the first quarter alone, Bitcoin made an astounding $55 billion in transactions and also assisted US investors in increasing their portfolios by $100 billion.
US Leads Bitcoin Mining
As of December 2021, the US accounted for almost 45%-50% of the global hash rate, with this figure being significantly higher than the previous years where paradoxically China dominated the hash rate, accounting for more than 70% of the cashed out Bitcoin.
Based on reporting from the founder of CryptoQuant Ki Young Ju as of September 2024, China based mining pools remain primacy and controls a staggering 55% of the global hashrate. This nepotism is still potent despite the fact that China imposed a ban on crypto-mining pools back in 2021 due to the simple fact that miners then opted for the use of VPNs along with peer to peer applications.
In a recent announcement, the Bitcoin mining hardware manufacturer Bitmain claimed its intentions of expanding their operations to The United States in order to meet their supply chain requirements as the trade relations between China and the US worsen. Additionally, Jack Dorsey’s Block announced further investments into its bitcoin mining operations and its self-custody bitcoin wallet, diverting funds from its ‘Web5’ project which had been scrapped and investments into the music streaming service Tidal so as to strengthen these initiatives.
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