February 7, 2024

Bitcoin’s Trading Volume Exceeded $1.2 Trillion, 1st Time Since Sept 2022

Bitcoin

Bitcoin

In January, analysts reported a record trading volume on the blockchain of the first cryptocurrency, which amounts to $1.21 trillion.

This is the first time the trading volume on the Bitcoin network has exceeded $1 trillion since September 2022, when Bitcoin (BTC) was trading at around $20,000, according to The Block.

As per CoinMarketCap, the first cryptocurrency is currently trading at $43,089. Over the last 24 hours, the asset’s price has risen by 0.6%, with the highest level being $43,147 and the lowest being $42,283. Bitcoin’s market capitalization is now $845 billion, with daily trading volume surpassing $15.6 billion.

The surge in BTC trading volumes occurred after the Securities and Exchange Commission (SEC) approved spot Bitcoin ETFs on January 10. On the first day, the volume of exchange trading in new investment instruments exceeded $4.5 billion, and the price of BTC immediately rose to $48,800. Another cryptocurrency that recently set a record is Solana (SOL).

In January, the volume of transactions on the Solana network increased by 30% compared to last month, reaching $951.9 billion. Such a surge in activity has not been observed in the SOL blockchain for nearly two years. The growth in transaction volume was primarily due to the excitement around the airdrop from the Jupiter aggregator. Additionally, the rise in the value of SOL and the popularity of the new meme coin WEN also contributed to the increase in activity.

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