Bitcoin Trading Volumes Now at All-Time Highs

January 12, 2021   Bitcoin

Data from CryptoCompare shows that bitcoin trading volumes on the eight major exchanges tracked on the CoinDesk 20 have passed $11 billion, a new all-time high from the previous record during 2017’s crypto bull market.

“This is first and foremost a sign of how much bigger and mature the industry is, with a lot more money flowing on these exchanges,” Bendik Norheim Schei, head of research at Arcane Research, told CoinDesk. “It is great to see higher volumes, making the market more liquid and efficient.”

The surging volume due to Monday’s sell-off came in part from newcomers to the market, according to Schei.

“Some of this volume is definitely from new and unexperienced investors entering the market for the first time and panicking when the price starts falling,” he said. “These corrections are necessary and healthy, even in a bull market.”

At the same time, the number of active bitcoin addresses has also broke its previous record on Jan. 8, according to data from Glassnode. “At its highest point last week, over 1.3 million bitcoin addresses were active in a single day,” the on-chain data analytics firm wrote in its weekly market report on Jan. 11. “This continued spike indicates an impressive level of new adoption and activity for bitcoin, and suggests that the number of market participants in the network may be higher than ever before.”

Source

Share
Pin
Send
Share
Share

Related Crypto News and Promotions




Top upcoming ICOs

ICOs Rating Days left
1 2local 5 4
2 PointPay 5 176
3 Geco.one 4.9 32
4 Pawtocol 4.9 32
5 Ledder 4.9 62
6 DogData 4.9 63
7 Tycoon 4.9 93
8 SerenitySource 4.9 93
9 Curate 4.9 123
10 IdeaFex 4.9 506

ICOs rating

Top Cryptocurrencies

Сryptocurrency CVIX Price Change, 24h
Bitcoin 67 $32 142.12 -0.77%
Ethereum 82 $1 342.91 1.28%
Tether 1 $1.00 0.08%
Polkadot 92 $16.77 -2.72%
XRP 64 $0.267600 -0.62%
Cardano 82 $0.340700 -1.23%
Chainlink 86 $22.68 -4.15%
Litecoin 67 $133.79 -2.70%
Bitcoin Cash 64 $426.32 -2.00%
Binance Coin 41 $41.75 0.85%

Cryptocurrencies rating

Top Crypto Brokers

Broker Status
1 FIBO Group information
2 OctaFX information
3 101investing information
4 T1Markets information
5 InvestLite information
6 Orbex information
7 easyMarkets information
8 XM information
9 LH Crypto information
10 USGFX information

Brokers rating

Top Crypto Exchanges

Exchange Volume change, 24h
1 Binance 0.03%
2 Binance.KR 17.13%
3 EtherFlyer 41.08%
4 HBTC 8.47%
5 ZG.com 41.02%
6 Dsdaq 8.46%
7 Hydax Exchange 8.39%
8 WBF Exchange 3.28%
9 Mexo Exchange 7.57%
10 Xtheta Global 9.56%

Exchanges rating