In 2024, Bitcoin saw its transaction volume rebound significantly, settling over $19 trillion, more than double the $8.7 trillion from 2023. This marked a turnaround after two years of declining volumes since 2021, where transaction volume had peaked at $47 trillion during the 2021 bull market. Pierre Rochard, vice president of research at Riot Platforms, noted that this volume proved Bitcoin's dual role as a store of value and a medium of exchange. Despite fluctuations, the Bitcoin network's hashrate reached a peak of 1,000 exahashes per second (EH/s) on January 3, 2024, although it later adjusted to around 775 EH/s. US-based mining pools held a significant share of the hashrate, contributing to the mining landscape amid ongoing debates regarding hashrate dominance, especially with Chinese mining pools continuing to hold a majority. Overall, Bitcoin's momentum in 2024, highlighted by major events including the launch of an ETF, positions it strongly in the cryptocurrency ecosystem.

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