Raynor de Best
Content expert covering payments and (crypto)currencies
Bitcoin (BTC) - statistics & facts
Bitcoin's market performance fluctuated significantly in January 2024, as the cryptocurrency dealt with the hype of Bitcoin-centered ETFs. BTC's price briefly dipped below 39,000 U.S. dollars for the first time since December 2023, as investors decided to take heir profits and exit their holdings. Some compared this to a "buy the rumor, sell the news" strategy. A strengthening U.S. dollar performance also challenged the price of Bitcoin. A potential pause of central bank interest rates in, for instance, the United States, did mean the crypto market regained some of its price in the follow weeks. That said, opinions vary how much the Bitcoin price will increase in 2024 after this correction, and whether the bull market remains.
Bitcoin has been the world's largest digital asset for some time. This page explores the cryptocurrency's performance. How big is the digital coin? And what is in store for Bitcoin in 2024?
Bitcoin has been the world's largest digital asset for some time. This page explores the cryptocurrency's performance. How big is the digital coin? And what is in store for Bitcoin in 2024?
Popularity is not easy to measure
One way to measure the popularity of Bitcoin is to look at trading volume compared to domestic currencies from different countries. There are two things to keep in mind: First, a Bitcoin transaction of Bitcoin is not supposed to be retraced to its original starting point – as this is part of the coin's design. Second, Bitcoin to USD or GBP trading only takes up a portion of all Bitcoin trading. Consequently, figures for Bitcoin are often based on domestic surveys, asking domestic consumers whether they held the crypto as an investment tool or used the currency. People outside the U.S. and Europe are more likely to own cryptocurrency in 2023, according to Statista's Global Consumer Survey. Google searches for the term "Bitcoin" by country back this up, with searches occurring the most from Africa and Latin America.Bitcoin's future in 2024
Bitcoin's biggest upcoming event in 2024 is the halving. BTC has a set limit of 21 million coins, the last of which is to be mined around the year 2140 according to a 2017 forecast - with the assumption that the rate of Bitcoin mining halves every four years. This is to occur in April 2024, decreasing the mining rewards of the crypto substantially and limiting the supply. Crypto advocates see the 2024 event is a critical moment, as the blockchain may help to automatically prevent BTC inflation while the demand of other hedges such as gold could continue to grow at a faster rate. Crypto opponents still argue that Bitcoin's price volatility could be an important factor in 2024, however, as investors treat the digital asset as a stock market investment.
