“In 2024, the Bitcoin network settled $19 trillion in transactions, showing its growing importance in global finance.”+ tite

Bitcoin has a current market capitalization of roughly $1.9 trillion and surpassed silver’s $1.6 trillion market cap in 2024.

In 2024, Bitcoin reached a market capitalization of approximately $1.9 trillion, surpassing silver’s $1.6 trillion market cap. Over $19 trillion worth of transactions were settled on the Bitcoin network during the year — more than double the $8.7 trillion settled in 2023. This marked a reversal after two years of declining transaction volumes since 2021.

According to Pierre Rochard, Vice President of Research at Riot Platforms, Bitcoin’s transaction volume peaked at $47 trillion during the 2021 bull market but dropped significantly in 2022 and 2023. Rochard noted that 2024 was a landmark year for Bitcoin, with major events like the introduction of a Bitcoin exchange-traded fund (ETF) in the U.S., the April 2024 halving, and a new all-time high price of around $108,000.

Bitcoin Hashrate Hits New Records in Early 2025

The Bitcoin network’s hashrate — the total computing power securing the blockchain — reached a record 1,000 exahashes per second (EH/s) on January 3, 2025. However, it soon stabilized at around 775 EH/s, according to data from CryptoQuant.

In 2024, U.S.-based mining pools contributed over 40% of the global Bitcoin hashrate. The debate over which country holds the most dominance in Bitcoin mining continues as the network grows stronger.