Bitcoin (BTC) has grown to become one of the most traded digital assets in the world. Its trading volume reflects the immense interest in this cryptocurrency
Bitcoin (BTC) trading volumes have reached new heights in 2024, reflecting the growing interest and activity in the cryptocurrency market. Several key factors are driving these high trading volumes, including the Trump administration's pro-crypto stance, the approval of spot Bitcoin ETFs, and the overall bullish sentiment towards Bitcoin.
According to data from CryptoCompare, Bitcoin's 24-hour trading volume stood at $33.1 billion at press time. Over the past month, Bitcoin's trading volume has crossed $820 billion. The highest trading volume was recorded in the first quarter of 2024, reaching $2.1 trillion in March. After a low of $715 billion in September, trading volumes have picked up again.
This data only includes trading volumes from major cryptocurrency exchanges and excludes wash trading or any artificial inflation of volumes.
As Bitcoin continues to make new all-time highs, reaching $93,495 in November 2024, several factors are contributing to its price performance. The Republican presidential candidate's victory and his promises of making the US "the crypto capital of the planet" have boosted market sentiment.
The approval of spot Bitcoin ETFs has brought a record $19.1 billion in net inflows, largely driven by institutional interest in the cryptocurrency. Moreover, the Chicago Mercantile Exchange (CME) now holds 30.6% of Bitcoin open interest.
Other factors influencing Bitcoin's high trading volumes include improved market infrastructure, reduced transaction costs, and increased liquidity. Major exchanges like Binance are dominating the market, processing over $425 billion in monthly volume, while smaller platforms like OKX and Huobi are also contributing significantly.
Among other cryptocurrencies, Dogecoin (DOGE) has seen a speculative upward pressure following the U.S. presidential election, and its trading volumes are also impacting the overall market activity.
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