2024 Bitcoin transfers set to surpass 2023 record

Bitcoin (CRYPTO:BTC) has witnessed significant milestones in 2024, with transfer volumes hitting record highs.

According to recent data, the five busiest days for Bitcoin transfers on the network occurred this year, with the highest number recorded on April 23, 2024, when miners confirmed 927,010 transfers.

On September 8, 2024, Bitcoin saw its second-highest day with 910,083 transactions.

The current pace of activity indicates that 2024 is set to break the previous yearly record in just two weeks.

The surge in transfer volumes is part of a broader trend seen across the network, with transaction activity growing annually for nine of the past 15 years.

Bitcoin’s peak daily transfer volumes in 2024 also include 859,629 transactions on July 21, 852,655 on May 26, and 838,977 on July 23.

In contrast, the busiest day in 2009, Bitcoin’s debut year, saw only 225 transactions confirmed by Satoshi and a small group of miners.

From 2009 to 2017, Bitcoin’s transaction volumes steadily increased each year, with key milestones such as 10,044 transfers on November 21, 2010, and 61,938 on June 14, 2012.

However, 2018 did not surpass the record set in 2017, when 490,644 transactions were confirmed on December 14.

The following years saw growth return, and 2023 set a new record of 153,415,993 confirmed transfers, with the peak daily transaction count reaching 731,351 on December 31.

As of October 6, 2024, the network had processed 145,225,680 transactions, putting it on track to break 2023’s record in just two weeks.

Despite these achievements, Bitcoin’s throughput rate of 8.94 transactions per second still lags behind traditional payment systems like Visa and Mastercard, and also behind other blockchain networks, highlighting its scalability challenges.

At the time of reporting, the Bitcoin price was $63,697.81.