The past few weeks have been spectacular for Bitcoin, with its price surge accompanied by major increases in market cap and market volume. While holders of the cryptocurrency were waiting expectantly for it to break the $13,000 mark, the king coin was setting different records in other areas as well.
On June 28, it was noted that Bitcoin’s 24-hour spot volume clocked a whopping $3.5 billion, which was a multifold jump for the $400 million recorded in March. Last day’s Bitcoin trading volume was majorly split between major cryptocurrency exchanges like Binance, Coinbase and Kraken.
Out of the $3.5 billion in trading volume, $1.354 billion was controlled by the Changpeng Zhao led Binance while Brian Armstrong’s Coinbase witnessed $644.956 million worth of transactions taking place on its platform. Binance and Coinbase were followed by Kraken, Bitfinex and Bitstamp, which (combined) contributed to a total of more than a billion dollars in terms of BTC trading volume. Looking at the movement on these exchanges, it was also discovered that the CME volume fluctuated by a factor of 15 percent to 30 percent.
Bitcoin’s massive spike in volume on the aforementioned exchanges came at a time when Bitcoin recorded new ATH 24-hour trading volume of $46 billion. The new figure was leaps and bounds ahead of the earlier record of $24 billion, which was set during the bull run of late 2017-early 2018. This feat was also spotted by Misha Lederman, a prominent proponent of the crypto community, who tweeted:
“New money entering the market
The parabolic rise of crypto hasn’t even begun. It’s just getting started
Long Bitcoin. Long Blockchain.”
Many supporters of the cryptocurrency have stated that the volume hike can be attributed to the entry of institutional investors and macro players into the field. This included major players like Facebook and JPMorgan. At press time, Bitcoin was trading for $12,073 with a total market cap of $214.32 billion. The 24-hour trading volume was at $30.62 billion, a figure which was on the rise thanks to BTC’s 4.95 percent hourly growth.