Bitcoin, the world’s leading cryptocurrency, celebrates its 16th year with new milestones. This October, Bitcoin soared past $70,000, trading at $71,864 as of 9:41 a.m. ET (13:41 UTC) on October 31.
Data shows Bitcoin’s market capitalization now stands at an impressive $1.4 trillion, and the token’s price has risen by 70% since the start of 2024.
Record Transaction Volumes Boost Bitcoin
October saw Bitcoin’s transaction volumes hit an all-time high of 20.1 million, surpassing the previous record of 19.51 million transactions set in July. This increase underscores a growing demand for Bitcoin as more investors engage with the asset.
The Impact of Bitcoin ETFs
The U.S. SEC’s approval of 11 spot Bitcoin ETFs on January 10 marked another milestone for Bitcoin. These ETFs have accumulated $460 million in trading volume, with BlackRock’s IBIT fund leading the charge and achieving net inflows of $870 million in a single day.
Bitcoin in Popular Media
A new HBO documentary, Money Electric: The Bitcoin Mystery, delves into the identity of Bitcoin’s creator, Satoshi Nakamoto, sparking fresh online debates. The documentary spotlights developer Peter Todd, but many in the crypto community argue against this claim, pointing to gaps in the evidence.
Reflecting on Bitcoin’s Legacy
Bitcoin’s anniversary has brought reflection, humor, and historical context to the crypto space. Last year, SEC Chair Gary Gensler playfully questioned if Satoshi Nakamoto would be recognizable if they attended Halloween as themselves, emphasizing the enduring mystery of Bitcoin’s origins. As Bitcoin continues to set records, its legacy as the world’s first decentralized digital currency grows stronger.
