Bitcoin (BTC) Hits Highest Monthly Volume Since September 2022 rally
Last month, Bitcoin’s on-chain volume was higher than any month since September 2022 and more than tripled in September 2023.
According to the data from The Block, the on-chain volume of Bitcoin (BTC) for the month of January 2024 has reached its highest level of $1.21 trillion. This sharp increase in BTC trading volumes was accompanied by the approval of spot Bitcoin ETFs on January 10 by the United States Securities and Exchange Commission. With those ETFs approved, the transaction volume appears to be increasing to match. In fact, January also marked the fourth straight month of volume increases after only $550 billion in volume was moved in September 2023.
An analyst from Glassnode also noted that long-term Bitcoin investors don’t want to sell their BTC and seem just observing the sharp market movements. The data also shows that the monthly transaction volume on the Bitcoin network has dropped between December 2023 and January 2024.
Another popular crypto analyst Eric Krown pointed out the extremely low volatility and downward trend indicated by the stochastic momentum in a 5-day chart. Krown expects a potential short-term rally to $44,000 or $45,000 before a further dip, stating that $46,000 would be the confirmation level for an uptrend.
At this time of writing, BTC is trading at $43,150 showing a slight increase of 0.18% in the last 24 hours. Bitcoin remains at rank #1 with a live market cap of $846.45 billion.
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