News
Bitcoin Trading Volume Surged to $2.8T in January to August Period
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BTC's cumulative volume in the first eight months amounts to $2.87 trillion.
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It's a sign of increased market participation due to crypto and macro-specific uncertainty.
The bitcoin (BTC) market reached unprecedented activity in the first eight months of 2024, surpassing the record notional trading volume seen during the bull market of 2021.
The cumulative trading volume or the dollar value of the number of BTC bought and sold on centralized exchanges amounted to $2.874 trillion in the first eight months, according to Paris-based data provider Kaiko.
That's nearly 20% higher than the volume of $2.424 billion registered in the first eight months of 2021 and the highest since 2012.
"The rise in crypto volatility has been accompanied by increased market participation, at least in the bitcoin market," Kaiko said in the weekly report, discussing the record-setting trading volume.
Data from charting platform TradingView show bitcoin's 10-day realized or historical volatility surged to an annualized 100% in April as strong inflows into the U.S.-listed spot exchange-traded funds (ETFs) and expectations for Fed rate cuts drove the cryptocurrency's price to record highs above $70,000.
The volatility picked up again early last month as concerns about the U.S. economy and the unwinding of the yen carry trade destabilized risk assets, including cryptocurrencies.
