Bitcoin achieves its highest monthly trading volume since September 2022
In January, the blockchain of the first cryptocurrency witnessed an unprecedented trading volume, reaching a staggering $1.21 trillion. This remarkable milestone was last achieved in September 2022 when Bitcoin (BTC) was valued at approximately $20,000, according to The Block.
As of now, CoinMarketCap reports that the first cryptocurrency is trading at $43,089. Over the past 24 hours, the asset’s price has increased by 0.6%. The highest point within the past day reached $43,147, while the lowest was $42,283. Bitcoin’s market capitalization currently stands at $845 billion, with a daily trading volume surpassing $15.6 billion.
The surge in BTC trading volumes coincided with the authorization of spot Bitcoin ETFs by the Securities and Exchange Commission (SEC) on January 10. On the inaugural day, the trading volume of these new investment instruments exceeded $4.5 billion, subsequently propelling the price of BTC to $48,800.
Another cryptocurrency that made waves in terms of trading volume was Solana (SOL). In January, the volume of transactions on the Solana network witnessed a 30% surge compared to the previous month, nearly reaching $1 trillion at $951.9 billion. This level of activity has not been observed on the SOL blockchain for almost two years.
The substantial increase in transaction volume can be attributed to the excitement surrounding the airdrop facilitated by the Jupiter aggregator. Additionally, the rise in SOL’s value and the popularity of the new meme coin WEN have also contributed to this notable figure.
In related news, the Bitcoin ETF experienced a net inflow of $38.4 million, with BlackRock surpassing Grayscale in terms of investment activity.
Stay updated with the latest developments by following us on Google News.
