Bitcoin trade volume reaches an all-time high of $ 1.2 trillion in March, while institutional interest in cryptocurrencies is growing

Bitcoin trade volume reaches an all-time high of $ 1.2 trillion in March, while institutional interest in cryptocurrencies is growing

Bitcoin trade volume reached record height in 2023

The year 2023 was a decisive year for Bitcoin and the entire cryptocurrency industry. The institutional interest in cryptocurrencies has increased significantly in recent months and the mainstream has also shown increased interest in the industry. As a result of this, Bitcoin literally exploded in the first half of 2023, since the trading volume on various crypto exchanges exceeded the $ 4.2 trillion mark.

According to Bitcoinity.org, Bitcoin's trading volume on the crypto exchanges reached the impressive sum of $ 4.2 trillion throughout the first half of the year. The month of March in particular stood out, with a trading volume of $ 1.2 trillion, the highest monthly trade volume for Bitcoin.

The past year was difficult for Bitcoin and the cryptocurrency industry as a whole. Market analysts initially forecast a further decline for Bitcoin. However, contrary to these forecasts, Bitcoin's price began to rise in January and in April he exceeded the limit of $ 30,000 for the first time in 12 months. This highlighted a new revival of the upward market, but was only short-lived because the price fell to $ 28,000 again. Statistics show that Bitcoin's trading volume decreased to $ 492.9 billion during this period.

In June, however, the situation changed when it became known that several investment companies such as Blackrock, Fidelity and Investco had submitted applications for Bitcoin-Spot ETFs at the SEC. These news aroused hope that mainstream investors would soon be given access to Bitcoin, which was again driven by Bitcoin's course at the end of June over $ 30,000 and yesterday a 13-month high of $ 31,500.

For the second half of 2023, a wild trip is expected in the world of cryptocurrencies and in particular Bitcoin. With a trading volume of over 4.2 trillion US dollars in the first half of the year, it is clear that the interest of the mainstream in the cryptocurrency continues to increase. In particular, the applications from investment companies for Bitcoin-Spot ETFs are eagerly awaited at the SEC. If this is approved, this could mean an important turning point for Bitcoin.

According to the on-chain analysis company Glassnode, the number of Hodler from Bitcoin, who hold their bitcoins in the long term, has reached a new all-time high with 13.4 million bitcoins. More and more investors are choosing to invest in Bitcoin in the long term. With increasing expectations in relation to the ETFs, an increase in prices is also assumed. If this occurs, this will lead to a higher participation of investors, which could be reflected in a higher trading volume for Bitcoin.

Overall, the upward trend for Bitcoin does not seem to be complete this year. With an increasing institutional and mainstream interest as well as possible positive developments such as the approval of Bitcoin-Spot ETFs, we could still experience many surprises in the second half of 2023. It remains exciting how the price and the trading volume of Bitcoin will develop.