thenewscrypto.com
- As per Dune Analytics, on-chain adoption in 2024 reached 2021 levels.
- The transaction volume recorded and ATH of $817M in Dec 2024, lead to annual volume of $10T.
Every time new ATH values of Bitcoin and altcoins record in the market, the growth goes beyond market prices. Similar to the 2021 bull run, 2024 has also witnessed significant growth in overall crypto adoption. However, as analysts and industry leaders predict, a much bigger crypto bull run is yet to come in 2025.
As per Dune Analytics, Onchain Adoption Index recorded staggering growth and reached 77 in the last month. The highest value of this index, which is 84, was recorded in November 2021. Since then, the on-chain adoption index hardly crossed the 60 mark until December 2024. This implies significant rise in blockchain and crypto adoption in 2024 across the globe.
Transaction Volume Hit All-Time High in Dec 2024
Based on Dune Analytics’ transaction volume recordings, it hit an ATH of $817 million in December 2024. It surpassed the previous ATH record of $730 million, which was recorded in Jan 2022, following the 2021 bull run. With this new record, the overall transaction volume for the year crossed a whopping $10 trillion in 2024. A magnitude of this high made the crypto market equivalent to the annual transaction volume of global payment giant Visa.
Transaction Fee Decline Lead to Rise in Adoption
Increase in crypto adoption and rise in transaction volume lead to increase in transaction fees. On the contrary, transaction fees declined in 2024 compared to previous years such as 2020 and 2021. While fees recorded in the 2021 bull run was $2 billion, it is just $500 million in December 2024.
Surprisingly, we cannot take this fee reduction as a decrease in usage and less demand, considering the growth in adoption. Most of the technologies are becoming deflationary and are striving to reduce transaction fees for users. This is a positive sign and encourages the onboarding of new users to the industry.
No. of Transactions Increased 3x From 2021 Count
Coming to the final statistics, the crypto transaction count increased 3x in Dec compared to the peak values from 2021. The transaction count reached an ATH of 1 billion for the first time in December 2024, which is significantly higher than the peak of around 350 million in the 2021 bull run.
Despite several twists, turns and regulatory headwinds, 2024 marked as a crucial year in the history of crypto. Surpassing multiple statistics of the 2021 bull run, 2024 proved to be a major year of crypto. Moreover, the fact that only the last month of 2024 made all these records possible is noteworthy.
What’s Next?
Several industry leaders and analysts predict that crypto will reach a new ATH in 2025. The rise in crypto trends such as AI agents, RWAs, and DePINs might shift the industry’s direction in new paths. On the other hand, global countries are coming forward to explore Bitcoin strategic reserves and prepare regulatory frameworks for crypto.
In a bull scenario, we might see a larger crypto bull run this year with Bitcoin and altcoins reaching new ATHs. On the other hand, the market might fall with no significant price surges. However, we cannot take away the overall progress that is happening across the blockchain and crypto industry.