2024

Bitcoin

Impact

<p style="text-align: justify">You can also read this news on COINTURK NEWS: <a href="https://en.coin-turk.com/bitcoin-sees-significant-trading-volume-growth-in-early-2024/" data-wpel-link="internal">Bitcoin Sees Significant Trading Volume Growth in Early 2024</a><br></p>
<p class="p1" style="text-align: justify"><strong><a href="https://coin-turk.com/populer-ceodan-onemli-aciklama-bitcoin-altinin-yerini-aldi-bile" data-wpel-link="internal">Bitcoin</a></strong> has recently experienced a surge in transaction volume, last seen in the first and second quarters of 2021 with similar volumes. According to a report by crypto data analytics platform Kaiko, the first quarter of 2024 was <a href="https://en.coin-turk.com/sec-may-take-a-concrete-step-towards-approval-of-spot-bitcoin-etfs/" data-wpel-link="internal">Bitcoin</a>‘s third-best quarter in the last three years. The report revealed that the leading cryptocurrency recorded over $1.4 trillion in transaction volume between January and March 2024.</p> 
<h2 class="p1" style="text-align: justify" id="continued-interest-in-bitcoin">Continued Interest in Bitcoin</h2> 
<p class="p1" style="text-align: justify">The first quarter of 2024 was Bitcoin’s best in the past year, witnessing an increase in network transaction volume. The $1.4 trillion traded during this quarter is the largest cumulative amount the network has seen in over two years, representing a 107% increase compared to the $674 billion recorded in the fourth quarter of 2023.</p> 
<p class="p1" style="text-align: justify">The last time Bitcoin saw similar transaction volumes was during the first and second quarters of 2021 when the network processed over $1.93 trillion and $2.16 trillion, respectively. A similar but smaller figure was also seen in the fourth quarter of 2021, with $1.37 trillion in transactions.</p> 
<p class="p1" style="text-align: justify">Kaiko stated that the increase in quarterly transaction volumes indicates stronger market participation and advanced market involvement. Considering that the highest volume last year was $1.1 trillion in the first quarter, following the market’s emergence from the depths of a bear cycle, this development can be considered a significant achievement. Particularly, major centralized exchanges such as OKX and <strong>Bybit</strong> have seen significant growth in trading activities, while smaller Asian platforms like Bithumb, Korbit, Bitflyer, and Zaif recorded the highest percentage increase in transaction volumes.</p> 
<p><img loading="lazy" loading="lazy" decoding="async" class="aligncenter wp-image-338408" src="https://coin-turk.com/wp-content/uploads/2024/04/kaiko.png" alt="" width="500" height="403"></p> 
<h2 class="p1" style="text-align: justify" id="the-impact-of-etf-funds-on-bitcoin-price">The Impact of ETF Funds on Bitcoin Price</h2> 
<p class="p1" style="text-align: justify">One of the primary factors behind Bitcoin’s rise in the past quarter was the introduction of spot Bitcoin exchange-traded funds (ETFs) in the United States. The high demand for ETF funds positively influenced Bitcoin’s price, leading to a 64% gain for the asset at the quarter’s close and marking the third-best quarterly performance in the last three years.</p> 
<p class="p1" style="text-align: justify"><strong>Bitcoin’s</strong> best quarter in terms of returns was the first quarter of 2021, with the asset gaining 101% in value, while the second-best quarter closed with a 71% gain in the first quarter of 2023. Meanwhile, the 60-day correlation between Bitcoin and <a href="https://coin-turk.com/aptosda-apt-kritik-gelisme-beklenen-karar-kabul-edildi" data-wpel-link="internal">altcoins</a> dropped to its lowest level in years during the first quarter of 2024. Kaiko attributed this decline to altcoin projects competing for liquidity, while Bitcoin saw high inflows with the launch of spot ETF funds.</p> 
<h5><span style="font-weight:bold;font-size:16px">The post first appeared on COINTURK NEWS: </span> <a href="https://en.coin-turk.com/bitcoin-sees-significant-trading-volume-growth-in-early-2024/" data-wpel-link="internal">Bitcoin Sees Significant Trading Volume Growth in Early 2024</a></h5>

Bitcoin Sees Significant Trading Volume Growth in Early 2024

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