Bitcoin records highest monthly trading volume since September 2022, reaching $1.21 trillion

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5th February 2024 – (New York) In January, the blockchain of the first cryptocurrency, Bitcoin, witnessed a remarkable milestone as analysts recorded a record trading volume, surpassing $1.21 trillion. This level of trading volume had not been seen since September 2022 when Bitcoin (BTC) was trading at around $20,000, according to data from The Block.

As of the time of writing, Bitcoin is trading at $43,089, according to CoinMarketCap. Over the past 24 hours, the asset’s price has strengthened by 0.6%. The highest point reached during this period was $43,147, while the lowest was $42,283. Bitcoin’s market capitalization currently stands at $845 billion, with a daily trading volume exceeding $15.6 billion.

The surge in BTC trading volumes coincided with the Securities and Exchange Commission’s (SEC) approval of spot Bitcoin exchange-traded funds (ETFs) on January 10. The introduction of these new investment instruments saw the trading volume reach over $4.5 billion on the first day, with the price of BTC immediately rising to $48,800.

Another cryptocurrency that experienced a record-breaking surge in trading volume was Solana (SOL). In January, the volume of transactions on the Solana network increased by 30% compared to the previous month, nearly reaching $1 trillion at $951.9 billion. This level of activity has not been observed on the SOL blockchain for almost two years.

The growth in transaction volume on Solana can be attributed to several factors. The excitement surrounding the airdrop from the Jupiter aggregator played a significant role, along with the rise in the value of SOL and the popularity of the new meme coin, WEN.