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Institutional interest in cryptocurrencies like bitcoin has been on the rise over the past few months, along with mainstream interest in the crypto industry. As a result, the largest crypto, bitcoin, exploded in the first half of 2023 as its trading volume crossed $4.2 trillion on various exchanges.
Bitcoin had the highest trading volume in March
According to statistics From bitcoinity.org, BTC trading volume on exchanges finally exceeded $4.2 trillion during the first half of the year, with March recording the highest monthly BTC trading volume of $1.2 trillion.
Last year was a rough year for bitcoin, which was mirrored by the rest of the cryptocurrency industry as it got caught in the bearish market weather. Market analysts initially predicted further downside for BTC, however, in April this year the price began to rally and surpassed $30,000 for the first time this year.
This was the first highest price for bitcoin in 12 months, indicating renewed enthusiasm in the bull market. Although this bullish sentiment was short-lived, BTC dropped back to $28,000. Statistics show that bitcoin trading volume decreased to $492.9 billion during this period,
However, things began to change in June, as news surfaced that several investment firms such as BlackRock, Fidelity, and Invesco were filing bitcoin spot ETF applications with the SEC. This fueled hopes that mainstream investors would soon gain access to bitcoin exposure, leading BTC to exceed $30,000 in late June and hit a 13-month high of $31,500 in July.
BTC price holding above $30,000 | Source: BTCUSD on TradingView.com
Volatility and Price Action: What to Expect in the Second Half of 2023
In the second half of 2023, there is expected to be a tremendous movement in the world of crypto and bitcoin. With BTC volume surpassing $4.2 trillion in the first half of 2023, it is clear that mainstream interest in cryptocurrencies is on the rise. While investment firms such as BlackRock have updated their filings with the SEC for spot bitcoin EFTs, investors are waiting to see what happens next. If approved, the Spot Bitcoin ETF would be a major turning point for crypto, as bitcoin currently holds 49% dominance in the industry.
The price of bitcoin is already up more than 50% since the start of the year and is currently trading above $30,300 following the news of the ETF filing.
According to statistics From on-chain analytics firm Glassnode, BTC’s 1+ year old supply HODLers are now at a new all-time high of 13.4 million BTC as more investors opt to hold for the long term.
Also, as the expectations around the ETF increase, the prices are expected to increase. If this happens, it will lead to an increase in investor participation, potentially leading to higher trading volumes for bitcoin.
Featured Image from iStock, Chart from Tradingview.com
