13:00 ▪
5
min reading ▪ by
Luc Jose A.
Bitcoin reached a historic milestone in 2024. In the space of one year, 19,000 billion dollars passed through its network, an absolute record which marks the end of two years of decline in 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 has facilitated the inflow of institutional capital, while the April 2024 halving has increased the scarcity of BTC, fueling demand. At the same time, the network has strengthened significantly, with hashrate at an unprecedented level of 1,000 exahashes per second. Behind these dizzying figures, a shift is taking place: bitcoin is consolidating its status both as a store of value and as a global transactional infrastructure, which raises questions about its future and its role in traditional finance.
A spectacular rebound in bitcoin transaction volume
Bitcoin is making a comeback in 2024, ending two years of decline. Indeed, my network recorded more than $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 proves decisively that bitcoin is both a store of value and a medium of exchange.
This renewed activity is not a simple coincidence. The approval of Bitcoin ETFs in the United States has paved the way for a massive influx of institutional capital. At the same time, demand for BTC payments has intensified, driven by the rise of the Lightning Network, which reduces costs and speeds up transactions. In this context, bitcoin is no longer limited to a speculation asset. It positions itself as a global financial infrastructure, capable of processing colossal volumes with an unrivaled level of security.
Structural factors supporting the rise of bitcoin
The rise of bitcoin is not limited to transaction volumes. Thus, network security has reached an unprecedented level, with a spectacular increase in hashrate. In early January 2025, computing power reached a record 1,000 exahashes per second (EH/s) before dropping to 775 EH/s. This progression reflects the commitment of mining companies, ready to invest in more efficient infrastructure despite rising energy costs and increased competition.
At the same time, the distribution of the hashrate is evolving. American mining pools have captured more than 40% of total power in 2024, which strengthens their influence on the ecosystem. However, Chinese pools maintain a dominant position, despite government restrictions and increased surveillance. This gradual shift highlights a major issue: bitcoin remains decentralized, but its geopolitical balance is constantly changing, influenced by regulatory developments and the industrial strategies of the major mining powers.
The rapid rise of bitcoin in 2024 creates as many opportunities as questions. With a trading volume that exceeds $19,000 billion and a price that peaked at $108,000, enthusiasm for this asset has never been stronger. This dynamic attracts long-term investors, but also more speculative players, which could increase market volatility. At the same time, the question of scalability becomes central. The rise of the Lightning Network and other second-layer solutions appears to be an essential response to absorb this growth without increasing transaction fees and delays. Additionally, the rise 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. If 2024 marks a key milestone in the history of bitcoin, the future of the network will depend on its ability to reconcile institutional adoption and preservation of its decentralization. This fragile balance will shape bitcoin’s role in the global financial landscape over the coming years.
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Luc Jose A.
A graduate of Sciences Po Toulouse and holder of a blockchain consultant certification issued by Alyra, I joined the Cointribune adventure in 2019. Convinced of the potential of blockchain to transform many sectors of the economy, I took the commitment to raise awareness and inform the general public about this constantly evolving ecosystem. My goal is to enable everyone to better understand blockchain and seize the opportunities it offers. I strive every day to provide an objective analysis of current events, to decipher market trends, to relay the latest technological innovations and to put into perspective the economic and societal issues of this ongoing revolution.
