- 15 years after the network launch of Bitcoin on January 3, 2009, which was part of block 842,241—marks a noteworthy accomplishment.
- It was recorded on May 5, 2024. With an average of 178,507 Bitcoin transactions per day, Bitcoin’s strong daily activity is reflected in its trip to more than one billion bitcoin transaction fees.
- This steady performance highlights the dependability of cryptocurrencies and the faith that users have in their decentralized structure.
2024: A Pivotal Year for Bitcoin
Approval for spot bitcoin exchange-traded funds (ETFs) was granted in the United States in January: this signified a new age of investment chances, soon echoed by the release of such products in Hong Kong — an Asian pioneer. The introduction of Bitcoin through these ETFs means that more people can now easily and legally invest in Bitcoin. This is a regulated way to gain access to what Bitcoin could offer, which drove the enthusiasm surrounding these funds that led to Bitcoin’s all-time high trading price of $73,737.94 on March 24, 2024.
The Halving Effect
In April 2024, Bitcoin went through its fourth halving event which was scheduled — a reduction in mining rewards from 6.25 BTC per block to 3.125 BTC.
Despite the anticipation surrounding the halving and the ETF buzz, Bitcoin saw volatility with its price swinging considerably over the previous month. Peaking at $70,000 but plunging below $60,000 and then climbing back to $64,222— showing a 1.2% increase within a day.
Inflows into Bitcoin Funds
Grayscale’s Bitcoin Trust ETF (GBTC) reported its first net positive inflows in 78 days, with $63 million recorded on May 3. This resurgence of interest is echoed by substantial inflows into other Bitcoin funds, such as Franklin Templeton’s ETF with $60.9 million, Fidelity’s Wise Origin Bitcoin Fund leading with $102.6 million, and Bitwise and Invesco Galaxy with $33.5 million and $33.2 million, respectively.
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