Bitcoin Bull Market: Crypto Spot Trading Volumes Climb To 8-Month Highs
2023年10月29日 - 7:48PM
NEWSBTC
Bitcoin’s surge past $35,000 on the 24th and 25th of October took
the crypto world by surprise, as it indicated what might be the
beginning of a new bullish sentiment. Trading volumes for the
world’s largest cryptocurrency hit their highest levels since
March, showing that interest in Bitcoin is booming once more. The
entire crypto market saw an inflow of funds during the week,
leading to a surge in market cap. Data from CoinGecko shows that
the entire market cap increased from $1.184 trillion on Sunday,
October 22, to $1.312 trillion on Wednesday, October 25. Most of
this inflow went into Bitcoin, which saw its share of the
cryptocurrency market increase from 49.58% to 51.47 % during this
same time period. Related Reading: Injective (INJ) Rules
Weekend Top 50 Crypto Ranking With 60% Hike – Here’s Why Chart From
CoinGecko Daily Crypto Exchange Volumes Reach 8-Month High The
recent boom in Bitcoin and cryptocurrency prices pushed Bitcoin
daily trading volumes on crypto exchanges to their highest level
since March. According to The Block’s data dashboard, the seven-day
moving average for spot exchange volumes across multiple exchanges
hit $24.12 billion on Thursday and $23.98 billion on Friday,
respectively. In comparison, Bitcoin trading volume on exchanges
was at $11.02 billion on the first day of the month. Chart
from The Block A similar metric from IntoTheBlock shows Bitcoin
transactions reaching 1.4 million BTC as bulls looked to push
Bitcoin to $35,000. Chart from IntoTheBlock Trading volumes are an
important metric because higher volumes suggest greater interest
and activity in a market. It means more people are actively buying
and selling, leading to more liquidity and volatility. Whale
activity also increased during this time period, as indicated by
on-chain trackers. Whale transaction tracker Whale Alerts has shown
various BTC transactions amounting to millions of dollars to and
from crypto exchanges. 🚨 🚨 🚨 2,000 #BTC (68,255,228 USD)
transferred from #Coinbase to unknown wallethttps://t.co/SdIJ87ZxNT
— Whale Alert (@whale_alert) October 26, 2023 🚨 🚨 🚨 2,000 #BTC
(68,560,116 USD) transferred from unknown wallet to
#Coinbasehttps://t.co/MJNn4HwswP BTCUSD trading at $34,187 on the
weekend chart: TradingView.com — Whale Alert (@whale_alert) October
26, 2023 🚨 🚨 🚨 1,499 #BTC (51,276,429 USD) transferred from
#Binance to #Coinbenehttps://t.co/lVaDk8pYio — Whale Alert
(@whale_alert) October 27, 2023 What’s Next? More Bitcoin Movement?
Bitcoin has since formed a resistance level around $35,000 and is
now trading in a range. At the time of writing, Bitcoin is trading
at $34,150, still up by 14.47% in a 7-day timeframe. While price
action seems to be moving sideways at the moment, there are still
hopes of continued momentum from the bulls to push BTC past $35,000
in the new week. Related Reading: Aptos TVL Soars To A Record
$74 Million, Reflecting Growing Investor Confidence Matt Hougan,
CEO of crypto index fund manager Bitwise, has hinted at a further
inflow of money into Bitcoin. Hougan makes this prediction on spot
Bitcoin ETFs to project an inflow of around $50 billion within the
first five years of its launch. Others like crypto financial
services platform Matrixport have made more optimistic
claims. Data from analytics platform mempool.space has shown
a sustained increase in activity on the BTC network. If bulls
continue to maintain a strong push, we could see Bitcoin reach as
high as $45,000 in the early days of November. Featured image from
Shutterstock
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