Bitcoin has marked a significant milestone in January as analysts report a record trading volume on the cryptocurrency’s blockchain, reaching $1.21 trillion. This level of trading volume has not been witnessed since September 2022 when Bitcoin was trading around $20,000, showcasing the recent surge in market activity for the leading cryptocurrency.
As of the latest data from CoinMarketCap, Bitcoin is currently priced at $43,089, exhibiting a 0.6% increase over the past 24 hours. The cryptocurrency’s market capitalization stands at $845 billion, with a daily trading volume exceeding $15.6 billion. The boost in Bitcoin’s trading volumes coincided with the approval of spot Bitcoin exchange-traded funds (ETFs) by the Securities and Exchange Commission (SEC) on January 10. On the debut day of these investment instruments, the trading volume exceeded $4.5 billion, contributing to a spike in Bitcoin’s price to $48,800.
Solana (SOL), another cryptocurrency, also set a record in January with a surge in transaction volume. The Solana network witnessed a 30% increase in transaction volume compared to the previous month, nearly reaching $1 trillion at $951.9 billion. This level of activity on the SOL blockchain has not been observed for almost two years.
The notable growth in Solana’s transaction volume is attributed to the excitement surrounding an airdrop from the Jupiter aggregator. Additionally, the rise in SOL’s value and the popularity of the new meme coin WEN played a role in influencing this significant surge in blockchain activity.
The overall increased trading volumes in both Bitcoin and Solana indicate a heightened level of market interest and activity, driven by factors such as regulatory developments and specific events within the cryptocurrency ecosystem.
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