2024

Bitcoin

Momentum

Spot

<p style="text-align: justify">You can also read this news on BH NEWS: <a href="https://en.bitcoinhaber.net/bitcoin-trading-volume-hits-three-year-high-in-q1-2024" rel="noopener noreferrer nofollow">Bitcoin Trading Volume Hits Three-Year High in Q1 2024</a><br></p>
<p style="text-align: justify"><a href="https://en.bitcoinhaber.net/bitcoin-breaks-past-70000-as-rally-gathers-steam" rel="noopener noreferrer nofollow">Bitcoin</a> has witnessed a remarkable upsurge in trading volume, reaching heights not seen since the boom of early 2021. A recent analysis by Kaiko, a <a href="https://en.bitcoinhaber.net/cetera-greenlights-four-bitcoin-etfs-for-client-portfolios" rel="noopener noreferrer nofollow">cryptocurrency</a> data analytics company, highlighted that from January to March of 2024, the cryptocurrency giant saw over $1.4 trillion in transactions, marking its third most prosperous quarter in the past three years.</p>
<h2 id="robust-growth-in-bitcoin-network-activity">Robust Growth in Bitcoin Network Activity</h2>
<p style="text-align: justify">Showcasing an impressive recovery, the first quarter of 2024 proved to be Bitcoin’s most active period in the previous twelve months, with the network handling the highest sum of transactions since a two-year peak. This volume represents a substantial 107% escalation from the $674 billion transacted in the last quarter of 2023. The boom of early 2021 was the last instance when Bitcoin’s transaction volume was comparably high, with the cryptocurrency recording over $1.93 trillion and $2.16 trillion in the first and second quarters of that year, respectively.</p>
<p style="text-align: justify">The significant surge in transaction volumes is indicative of intensified market engagement and advanced investor participation. This resurgence is particularly noteworthy following a year that saw a peak of $1.1 trillion in the first quarter after Bitcoin emerged from a bearish phase. Prominent exchanges like OKX and Bybit have experienced a considerable uptick in trading, while smaller Asian platforms such as Bithumb and Korbit have posted the most substantial relative increases.</p>
<h2 id="spot-bitcoin-etfs-spur-market-momentum">Spot Bitcoin ETFs Spur Market Momentum</h2>
<p style="text-align: justify">A key driver of Bitcoin’s robust performance in the past quarter has been the introduction of spot Bitcoin ETFs in the United States, which spurred demand and contributed to a notable 64% appreciation in Bitcoin’s value at the close of the quarter. This marks the third most impressive quarterly performance for Bitcoin in the last three years. Bitcoin’s peak performance remains in the first quarter of 2021, with a stunning 101% increase, followed by a 71% gain in the first quarter of 2023.</p>
<h3 id="points-to-consider">Points to Consider</h3>
<ul style="text-align: justify">
 <li>The $1.4 trillion traded in Q1 2024 underscores a growing confidence and wider adoption of Bitcoin.</li>
 <li>Spot Bitcoin ETFs have had a meaningful impact, drawing new investments and boosting Bitcoin’s price.</li>
 <li>The correlation between Bitcoin and altcoins is at a multi-year low, highlighting Bitcoin’s unique market position.</li>
</ul>
<p style="text-align: justify">In terms of inter-cryptocurrency dynamics, Bitcoin’s correlation with altcoins has dipped to its lowest level in several years during the same period, signifying a shift in investor focus towards Bitcoin as altcoins vie for market liquidity. The launch of spot Bitcoin ETFs has played a substantial role in attracting inflows into Bitcoin, distinguishing it from other cryptocurrencies.</p>
<h5><span style="font-weight:bold;font-size:16px">The post first appeared on BH NEWS: </span> <a href="https://en.bitcoinhaber.net/bitcoin-trading-volume-hits-three-year-high-in-q1-2024" rel="noopener noreferrer nofollow">Bitcoin Trading Volume Hits Three-Year High in Q1 2024</a></h5>

Bitcoin Trading Volume Hits Three-Year High in Q1 2024

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