Bitcoin is gaining strength! Trading volumes are surging!
Sat 25 May 2024 ▪
3
min of reading ▪ by
Bitcoin trading volumes in the United States have recently hit highs not seen since 2022. This signals a renewed interest and potentially a new spike in crypto market activity.
The Bitcoin Market is Boiling!
According to recent data, the share of Bitcoin trades conducted during US market hours has reached an all-time high, representing 46% of the cumulative volume this year up to April. Such a volume had not been seen since 2022! This increase is mainly attributed to the introduction of ETFs Bitcoin, which have generated $13 billion in inflows since their launch last January.
Several factors contribute to this trend. On one hand, the adoption of Bitcoin ETFs has provided institutional investors with regulated and simplified access to BTC, which has likely boosted trading volumes during US market hours. On the other hand, retail investor interest seems to be waning, as shown by the decrease in Google searches for the term “Bitcoin” in March, which was only half of the 2021 peak.
Implications for the Future of the Crypto Queen
This increase in trading volumes could indicate growing investor confidence in the stability and maturity of the Bitcoin market. However, it also raises questions about retail investor participation and the sustainability of this trend in the long term.
It should be noted nonetheless that at the time of writing this article, Bitcoin shows a significant drop of over 3% in the last 24 hours, with a price around $62,179. Could the recent approval of Ethereum ETFs by the SEC be the cause?
In conclusion, Bitcoin trading volumes in the United States reaching 2022 levels is an encouraging sign for the crypto industry. This could herald a new phase of growth and institutional recognition for Bitcoin. However, it remains to be seen if this trend will continue and if it will lead to a significant increase in BTC’s price in the future.
Maximize your Cointribune experience with our ‘Read to Earn’ program! Earn points for each article you read and gain access to exclusive rewards. Sign up now and start accruing benefits.
Click here to join ‘Read to Earn’ and turn your passion for crypto into rewards!
Le monde évolue et l’adaptation est la meilleure arme pour survivre dans cet univers ondoyant. Community manager crypto à la base, je m’intéresse à tout ce qui touche de près ou de loin à la blockchain et ses dérivés. Dans l’optique de partager mon expérience et de faire connaître un domaine qui me passionne, rien de mieux que de rédiger des articles informatifs et décontractés à la fois.
DISCLAIMER
The views, thoughts, and opinions expressed in this article belong solely to the author, and should not be taken as investment advice. Do your own research before taking any investment decisions.
