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Bitcoin reaches highest monthly volume since September 2022

source-logo  crypto.news 05 February 2024 12:52, UTC

In January, analysts recorded a record trading volume in the blockchain of the first cryptocurrency; the figure amounted to $1.21 trillion.

The last time trading volume on the Bitcoin network rose above $1 trillion was only in September 2022, according to The Block. At that time, Bitcoin (BTC) was trading at around $20,000.

Bitcoin reaches highest monthly volume since September 2022 - 1
Source: The Block

According to CoinMarketCap, the first cryptocurrency is trading at $43,089 at the time of writing. Over the past 24 hours, the asset’s price has strengthened by 0.6%. The highest level over the past 24 hours was $43,147 and the lowest was $42,283. Bitcoin’s market capitalization is now $845 billion, with daily trading volume exceeding $15.6 billion.

Source: CoinMarketCap

The sharp increase in BTC trading volumes was accompanied by the approval of spot Bitcoin ETFs on Jan. 10 by the Securities and Exchange Commission (SEC). 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 set a record was the surging of Solana (SOL). In January, the volume of transactions on the Solana network was up 30% compared to last month. Thus, the figure almost reached $1 trillion – $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. In addition, the rise in the value of SOL and the popularity of the new meme coin WEN also affected the indicator.

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