From financemagnates by Damian Chmiel
Bitcoin (BTC) has grown to become one of the most traded digital assets in the world. Its trading volume reflects the immense interest in this cryptocurrency, from institutional investors to retail traders. In this article, we’ll explore the reasons behind Bitcoin’s high trading activity and how the dynamics of the crypto market drive its popularity in 2024.
In October 2024, trading volumes reached some of the highest levels this year. Compared to 2023, there was an increase of over 80%, with some exchanges experiencing growth up to 250%.
Bitcoin trading volume refers to the total amount of Bitcoin bought and sold on exchanges within a specific time period. It’s a key metric in the cryptocurrency market, offering insights into liquidity, demand, and overall market health.
Bitcoin trading volumes can reach all-time highs during periods of market surges or significant news events. For example, during the 2021 bull run, Bitcoin volumes skyrocketed alongside its price surge. We observed the same dynamic in March 2024 and currently in October 2024.
Institutional investors have embraced Bitcoin as a legitimate asset class.