Bitcoin celebrates $19 trillion settlement milestone

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After a turbulent end to 2024, where many investors were left scratching their heads, the new year is bringing a fresh wave of optimism.

Let’s go

Bitcoin has reclaimed its spot in the spotlight, and with altcoins following closely behind, confidence is slowly returning to the market.

Pierre Rochard, the Vice President of Research at Riot Platforms, recently took to X to share his thoughts.

“Bitcoin is engineered to be the most reliable monetary system in the world for savings and payments.”

And here’s the kicker, just a day before Rochard’s post, he also revealed that Bitcoin’s network processed $19 trillion in transactions throughout 2024, and for comparison, that’s more than double the $8.7 trillion settled in 2023.

This leap comes after two years of declining transaction volumes following the 2021 bull run.

The year of the bull?

2024 wasn’t just a fluke for Bitcoin, but it was a literally monumental year fueled by some major developments.

The U.S. finally approved Bitcoin ETFs, which opened the floodgates for institutional investments and made Bitcoin more appealing to everyday investors, and let’s not forget about Bitcoin’s halving event in April, which cut mining rewards in half and added to its scarcity appeal.

The political environment also played a role in Bitcoin’s rise, a big one, actually. The buzz around the upcoming U.S. presidential election last year and now the talk of creating a strategic Bitcoin reserve got everyone excited, dubbed the Trump pump by some enthusiasts.

This excitement rippled across the globe as other countries began considering similar strategies, solidifying Bitcoin’s place in economic discussions.

All these factors helped propel Bitcoin to an all-time high of $108,000, but as we know, what goes up must come down, and BTC ended 2024 closer to $91,000, reminding us all just how volatile this market can be.

Up or down?

One week into 2025, and there are already signs that BTC could be on the edge, moving out of “extreme greed” territory on the famous Fear&Greed Index for the first time since November’s election-driven rally. This newfound balance could set the stage for sustainable growth.

Technical indicators are also looking promising. A bullish MACD crossover on the daily chart and BTC sitting above its 20-day moving average suggest that upward momentum could be on the horizon.

Have you read it yet? 3 key events in the crypto market

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