Bitcoin Transfer Volumes Soar in 2024, Set to Break 2023’s Record in 2 Weeks
According to recent data, the five busiest days for bitcoin transfers on the network occurred in 2024. The all-time peak was at the end of April, with the second-highest transaction day recorded on Sept. 8. In its more than 15 years of operation, the Bitcoin network has witnessed daily transfer records grow annually for nine of the past 15 years.
2024 Sees Record Daily Transfers, Annual Rate Close to Beating 2023
2024 has seen new milestones for BTC as the crypto asset hit its all-time price high, the hashrate reached a peak, the difficulty climbed to unprecedented levels, and daily transfer volumes also hit record highs. The five busiest days for transfers in Bitcoin’s history occurred this year, with the highest on April 23, 2024. On that day, miners confirmed 927,010 transfers, marking a new peak. More recently, the network saw its second-highest day with 910,083 transactions on Sept. 8.
The third-busiest day in 2024 landed on July 21, with 859,629 transactions, closely followed by May 26, when bitcoin miners confirmed 852,655 transactions. Not far behind, July 23 took the fifth spot this year, with 838,977 transactions whizzing through the blockchain. Flashback to Bitcoin’s early days, and things were much quieter. In 2009, Bitcoin’s debut year, the most active day was Dec. 18, when Satoshi and a handful of miners confirmed a grand total of 225 transactions.
By 2010, the network was picking up speed. That year’s peak day, Nov. 21, saw miners verifying 10,044 transfers—a giant leap from the previous year. From 2009 to 2017, transaction volumes climbed steadily year-over-year. Take June 14, 2011, for instance—miners confirmed 14,158 transactions, setting a new high for the year and outdoing the 2010 record. Then, almost exactly a year later, on June 14, 2012, miners smashed a new record for the year, verifying 61,938 transactions that day.
Metrics reveal that 2018 didn’t outshine 2017, and the record of 490,644 transactions on Dec. 14, 2017, held strong until 2023. That year’s peak arrived on Dec. 31, when miners confirmed a whopping 731,351 transactions in a single day. As it stands, 2023 still holds the crown for the most transactions in a year, with 153,415,993 transfers confirmed. Fast forward to 2024, and by Oct. 6, 145,225,680 transactions have already been processed. At the current pace, the record could fall in about two weeks, making 2024 a guarantee to surpass 2023.
As Bitcoin continues to surpass previous records, the network’s growth trajectory is evident, with 2024 already setting new benchmarks. However, Bitcoin’s current throughput rate of 8.94 transactions per second is notably slow compared to Visa and Mastercard in the traditional finance (tradfi) sector. Additionally, Bitcoin’s tps rate lags behind alternative blockchains in terms of scalability, highlighting ongoing challenges it faces ahead as it evolves.
What do you think about the transfer records Bitcoin has seen in 2024? Share your thoughts and opinions about this subject in the comments section below.