The resurgence of institutional interest in cryptocurrencies propelled Bitcoin to reach a new 12-month high, surpassing $31,300 in June. Although BTC experienced a slight decline in the final week of the month, it concluded the first half of the year with an impressive 85% growth, positioning it for its strongest annual performance since 2020. Notably, the world’s largest and most valuable cryptocurrency also achieved a remarkable trading volume over the span of six months.
The latest data reveals that Bitcoin’s trading volume exceeded a staggering $4.2 trillion in the first half of 2023. March emerged as the standout month, recording the highest monthly trading volume for BTC at $1.2 trillion, surpassing April, May, and June by a notable 60%. In comparison, the previous year concluded on a challenging note for the crypto industry, witnessing a significant slowdown in December 2022.
As the new year commenced, the global crypto trading volume experienced a substantial surge in January. Major cryptocurrencies, including Bitcoin, witnessed remarkable double and triple-digit month-over-month growth. Notably, Bitcoin’s trading volume rose from $420.1 billion in December to $950.6 billion in January, establishing it as the second most-traded digital coin in the crypto market.
However, following the initial optimism that characterized the beginning of 2023, Bitcoin faced a significant drop in both its price and monthly trading volume in the subsequent month. February’s trading volume for BTC reached $686.2 billion, reflecting a 27% decline compared to the previous month.
March proved to be a game-changing month for Bitcoin’s trading performance in the first half of the year. The cryptocurrency’s price soared by 21%, surpassing $28,000, while its trading volume experienced a remarkable 73% month-over-month increase, reaching nearly $1.2 trillion. Tether, typically the most-traded cryptocurrency, also saw substantial trading volume in March, totaling $1.17 trillion.
However, April brought a downturn for the crypto market, with all major cryptocurrencies experiencing a decline in trading volume. Bitcoin’s monthly trading volume plummeted by almost $700 billion from the previous month, settling at $492.9 billion in April. Following this decline, the trading volume for BTC decreased further to $443.5 billion in May. June witnessed a modest recovery, with Bitcoin’s trading volume rising to $508.9 billion; nevertheless, it remained 60% below the peak achieved in March.
H1 Trading Volume Registers a Year-over-Year Decline of $845 Billion
According to CoinMarketCap data, the trading volume of Bitcoin during the first half of this year remains notably lower than the corresponding period last year. Between January and June 2022, the crypto market witnessed approximately $5.12 trillion worth of BTC trades, representing a substantial $845 billion decrease compared to this year’s first half.
While March emerged as the leading month for Bitcoin trading in H1 2023, May took the spotlight in the previous year, with nearly $1.09 trillion worth of BTC trades. Furthermore, April and June 2022 also showcased significantly higher levels of BTC trading activity compared to the same months in the current year. However, it is worth noting that the trading volumes reported in January and February 2022 slightly trailed behind the levels witnessed this year.
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