Bullish Signal? Bitcoin Trading Volume Soars In January 2024

Key Points:

• In January 2024, Bitcoin trading volume reached a high of $1.21 trillion, the largest since September 2022.
• Despite high trading volumes, long-term Bitcoin holders are not selling, suggesting a strong belief in the cryptocurrency’s value.

In January 2024, Bitcoin trading volume reached $1.21T, marking the highest value since September 2022. Long-term holders continued to retain coins, while El Salvador’s Bitcoin portfolio expanded.

In January 2024, Bitcoin’s on-chain transaction volume reached $1.21 trillion, marking the highest value since September 2022 when Bitcoin’s price was around $20,000.

Buy the Dip or Wait? Experts Analyze January’s Bitcoin Trading Volume Surge

The surge follows four consecutive months of rising transaction volumes, after a low of $550 billion in September 2023. The consistent increase suggests traders’ anticipation of spot Bitcoin ETF approval, which seems to have boosted transaction volumes upon approval.

Interestingly, despite the high trading volume, long-term Bitcoin holders appear to be holding onto their coins, riding the market waves instead of selling, as per Glassnode analysts.

At the time of this writing, the volume of Bitcoin has increased by 37% over the last 24 hours and the king of cryptocurrency is currently trading at $42,659.

Readmore: Pro-Bitcoin Candidate Nayib Bukele Re-elected as President of El Salvador!

Nayib Bukele’s Pro-Bitcoin Stance Fuels El Salvador’s Crypto Success

Meanwhile, El Salvador continues to embrace Bitcoin under the leadership of President Nayib Bukele, who recently claimed victory in the 2024 presidential election.

Bukele’s pro-Bitcoin stance has led to the country accumulating a Bitcoin portfolio worth $131 million, garnering a profit of $3.6 million as of early December the previous year.