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Bitcoin

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In January, analysts recorded a record trading volume in the blockchain of the first cryptocurrency; the figure amounted to $1.21 trillion. 
The last time trading volume on the&nbsp;Bitcoin&nbsp;network rose above $1 trillion was only in September 2022, according to The Block. At that time, Bitcoin (<a href="https://crypto.news/price/bitcoin/" target="_blank" rel="noreferrer noopener">BTC</a>) was trading at around $20,000. 
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 <img loading="lazy" decoding="async" width="1024" height="317" src="https://crypto.news/app/uploads/2024/02/Screenshot-2024-02-05-at-13.54.10-1024x317.png" alt="Bitcoin reaches highest monthly volume since September 2022 - 22" class="wp-image-14245316">
 <figcaption class="wp-element-caption">
 Source: The Block
 </figcaption>
</figure> 
According to CoinMarketCap, the first cryptocurrency is trading at $43,089 at the time of writing. Over the past 24 hours, the asset’s price has strengthened by 0.6%. The highest level over the past 24 hours was $43,147 and the lowest was $42,283. Bitcoin’s market capitalization is now $845 billion, with daily trading volume exceeding $15.6 billion. 
<figure class="wp-block-image size-large">
 <img loading="lazy" decoding="async" width="1024" height="485" src="https://crypto.news/app/uploads/2024/02/Screenshot-2024-02-05-at-14.00.25-1024x485.png" alt="Bitcoin reaches highest monthly volume since September 2022 - 23" class="wp-image-14245326">
 <figcaption class="wp-element-caption">
 Source: CoinMarketCap
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</figure> 
The sharp increase in BTC trading volumes was accompanied by the approval of spot Bitcoin <a href="https://crypto.news/tag/etf/" target="_blank" rel="noreferrer noopener">ETFs</a> on Jan. 10 by the Securities and Exchange Commission (<a href="https://crypto.news/tag/sec/" target="_blank" rel="noreferrer noopener">SEC</a>). On the first day, the volume of exchange trading in new investment instruments exceeded $4.5 billion, and the price of BTC immediately rose to $48,800. 
Another cryptocurrency that <a href="https://crypto.news/solana-transaction-volume-hit-multi-year-high-in-january/" target="_blank" rel="noreferrer noopener">set a record</a> was&nbsp;the surging of Solana&nbsp;(<a href="https://crypto.news/price/Solana/" target="_blank" rel="noreferrer noopener">SOL</a>). In January, the volume of transactions on the Solana network was up 30% compared to last month. Thus, the figure almost reached $1 trillion – $951.9 billion. Such a surge in activity has not been observed in the SOL blockchain for nearly two years. 
The growth in transaction volume was primarily due to the excitement around <a href="https://crypto.news/jupiter-airdrop-farmer-earns-1-1m-using-thousands-of-wallets/" target="_blank" rel="noreferrer noopener">the airdrop</a> from the Jupiter aggregator. In addition, the rise in the value of SOL and the popularity of the new meme coin WEN also affected the indicator. 
 You might also like: <a href="https://crypto.news/bitcoin-etf-inflow-38-million-blackrock-grayscale/"> Bitcoin ETF sees net inflow of $38.4m, BlackRock outpaces Grayscale </a>

Bitcoin reaches highest monthly volume since September 2022

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