- Bitcoin’s daily trading volume reached $35 billion.
- Bitcoin HODLing activity by global investors has increased since March.
- Bitcoin’s interest drove the spot markets to its peak during the 2017 bull market.
- Moreover, many traders hope that BTC will reach around $25,000.
Bitcoin’s daily trading volume reached a new high of over $35 billion as per Coinmarketcap data. The volume high is due to the increased number of BTC HODLers.
BTC’s Trading Volume Hits $35B
In particular, the Bitcoin HODLing activity by global investors has increased since March when the price of BTC dropped below $4,000. Since then, investors have been steadily accumulating BTC.
Binance holds the largest Bitcoin trading volume at an average of $5.14 billion. In addition, the exchange’s trading volume reached a new monthly high of $132 billion. Moreover, Huobi, Kraken, EtherFlyer, Bybit, and CITEX make up the rest of the top five. According to Coingecko, the BTC price is at $18,393, at the time of writing.
However, data by Coinmetrics explained that Bitcoin volume can surpass all major assets in the next four years. Even more, Bitcoin’s spot volume is small compared to the US equity and global exchange markets.
Bitcoin’s interest drove the spot markets to its peak during the 2017 bull market. Thus, Bitcoin’s daily trading volumes could match that of major asset classes by 2024 or 2025 if Bitcoin maintains the same growth strategy seen in the last 10 years.
Furthermore, Bitcoin was the first digital currency launched in early 2009 by Satoshi Nakamoto. It records transactions on a secure, decentralized blockchain network. More so, Bitcoin is the largest cryptocurrency by market capitalization.
Recently, Alistair Milne mentioned that the price of Bitcoin hits a new record high in seven national currencies of almost 450 million people. At present, many traders hope that BTC will reach the 1.1382 Fibonacci extensions (around $25K) soon to surpass its 2017 all-time high.