Bitcoin network transaction volume reaches $19 trillion in 2024, more than double the previous year

According to data provided by Pierre Rochard, vice president of research at Riot Platforms, transaction volume settled through the Bitcoin network will exceed $19 trillion in 2024, more than double the $8.7 trillion settled through the network in 2023, reversing the trend since 2021. The transaction volume has been declining for two consecutive years since the beginning of this year. Data shows that Bitcoin trading volume peaked at approximately $47 trillion during the 2021 bull run before declining sharply in 2022 and 2023. Rochard noted that the significant uptick in transaction volume over the past year is evidence that Bitcoin is both a store of value and a medium of exchange.