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Key indices resembling the introduction, transaction volumes and the activity levels reached latest heights in 2024, which significantly increased the blockchain technology. Despite continuing regulatory hurdles, the blockchain is booming, as this increase shows.
Blockchain networks have proven their ability to thrive and moves to broader use, even when the supervisory authorities closely observe the industry.
On-chain transactions met latest heights
However, essentially the most remarkable breakthrough that the blockchain reached in 2024 was the transaction volume. In December, Ankain-Trades amounted to $ 817 million, which was rather more than the previous high of $ 730 million in January 2022. This meant that the event increased an annual running price of astonishing $ 10 trillion.
Fredrik Haga, CEO of Dune Analytics, said that the variety of transactions showed that the activity levels were just like the height in 2021. This shows that blockchain is becoming increasingly necessary in the worldwide banking system.
Okey rose the costs, but what was it actually like in 2024!? Let's have a look at the information 👇
In 2024 the Unchain adoption reached 2021 steps and at the identical time exceeded earlier highs in relation to the transmission volume and the transaction number!
Overall onchain adoption – Fast … pic.twitter.com/iimejjntij
– hagaetc.eth (@hagaetc) January 2, 2025
Reduced transaction fees drive the acceptance
Another significant change in 2024 was a severe decline in blockchain transaction fees. The transaction costs had decreased from $ 2 billion in November 2021 to 500 million US dollars in December 2024.
This decline eliminates a big roadblock to take over blockchain in all areas of life resembling individuals and corporations. This could make blockchains more applicable and scalable, because the transactions are low-cost and thus cut to quite a few applications in various industries.
The entire crypto market capitalization is currently 3.3 trillion dollars. Diagram: Tradingview
Regulatory challenges during quick growth
Blockchain networks recorded exceptional growth and at the identical time navigated a difficult regulatory context. While popularity rose, the industry was mainly related to decentralized funds (DEFI) and cryptocurrencies.
Apart from the expected problems and problems, the on-chain industry continued to pursue decentralized structures, and the role that blockchain played in the worldwide economy was expanded.
In 2024, a crucial event – the approval of the Spot Bitcoin ETF by the US Securities and Exchange Commission – provided the broader crypto market with great enthusiasm and optimism. This gave Bitcoin and most other leading cryptos legitimacy and thus brought enormous institutional investments within the digital market.
By January 2024, Bitcoin ETFs received greater than 35 billion US dollars of net inflows, with Blackrocks Ibit being the lead.
In addition to those market events, Donald Trump's victory once more produced regulatory hope of cryptocurrencies in November. His guarantees to make the United States a “crypto capital of the planet” and his vows over clearer regulations increased the market mood much more.
Until December, Bitcoin's price had touched an all-time high of $ 108,135 and at the moment contributed to a complete market value of $ 3.9 trillion at $ 1.7 trillion at the start of 2018.
Selected picture of Tech Xplore, Diagram from Tradingview
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