- Monthly trading volume on the Bitcoin network has reached its highest level in more than 17 months.
- In January, this figure amounted to more than $1.2 trillion.
Trading volume on the Bitcoin network crossed the $1.2 trillion mark in January 2024, according to The Block.
The report notes that this figure is the highest since September 2022 and more than three times higher than in September 2023.
“The fact that in every month of 2023 except December there was less than $1 trillion in trading volume on the Bitcoin network, as well as record low active supply, indicate that traders were waiting for the approval of spot Bitcoin ETFs,” the statement said.
According to analysts, the volume of transactions has been growing for the fourth month in a row.
At the time of writing, the first cryptocurrency is trading near $43,000:
It should be noted that earlier, a representative of the analytical company Creative Planning, Charlie Bilello, said that Bitcoin volatility had reached a record low in 12 years.