Bitcoin’s Transaction Volume Sets New Annual High
In January 2024, the on-chain monthly transaction volume of Bitcoin reached a new record of $1.21 trillion for the past twelve months. It’s noteworthy that throughout 2023, this figure did not exceed $1 trillion, typically fluctuating between $500-600 billion.
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In January 2024, the on-chain monthly transaction volume of Bitcoin reached a new record of $1.21 trillion for the past twelve months. It's noteworthy that throughout 2023, this figure did not exceed $1 trillion, typically fluctuating between $500-600 billion.
Monthly bitcoin on-chain transaction volumes. Source: The official website The Block.
Still, these numbers fall considerably short of its ATH of $8.15 trillion, recorded in November 2021. This discrepancy can likely be attributed to a substantial number of holders and the generally subdued activity in the crypto market. However, the recent boost in transaction volumes may have been catalyzed by the launch of Bitcoin ETFs.
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