In January, analysts recorded record trading volumes on the blockchain of the first cryptocurrency; the figure was $1.21 trillion.
The last time trading volume on the Bitcoin network exceeded $1 trillion was only in September 2022, according to The Block. At the time, Bitcoin (BTC) was trading at around $20,000.
Source: The Block
According to CoinMarketCap, the first cryptocurrency is trading at $43,089 at the time of writing. In the last 24 hours, the price of the asset has increased by 0.6%. The highest level in the last 24 hours was $43,147 and the lowest was $42,283. Bitcoin's market capitalization is currently $845 billion, with daily trading volume exceeding $15.6 billion.
Source: CoinMarketCap
The sharp increase in BTC trading volume coincided with the approval of spot Bitcoin ETFs by the Securities and Exchange Commission (SEC) on January 10th. On the first day, the exchange trading volume of new investment instruments exceeded $4.5 billion, and the price of BTC immediately rose to $48,800.
Another cryptocurrency that set a record was the rise of Solana (SOL). In January, transaction volume on the Solana network increased by 30% compared to the previous month. This brought the number to almost $1 trillion – $951.9 billion. Such a surge in activity has not been observed on the SOL blockchain for almost two years.
The increase in transaction volume was mainly due to the excitement surrounding the Jupiter aggregator airdrop. In addition, the increase in the value of SOL and the popularity of the new meme coin WEN also affected the indicator.
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