Bitcoin Trading Volume Hits Record High as Price Nears $69,000

Bitcoin, the world’s leading cryptocurrency, has experienced a remarkable surge in trading volume and price during February 2024. According to data from Kaiko, a prominent on-chain analytics firm, Bitcoin’s trading volume soared to an all-time high of $34.05 billion on February 28, surpassing its previous peak of $27.22 billion recorded on January 8.

This surge in trading volume marks a significant milestone, being the first since the collapse of FTX, a major cryptocurrency exchange. The majority of the trading volume was driven by Binance, the world’s largest cryptocurrency exchange, with Bitcoin trading volume on the platform reaching $17.09 billion.

Other exchanges also witnessed substantial volumes of Bitcoin trading, including Bybit ($3.5 billion), Coinbase ($2.98 billion), OKX ($2.92 billion), and Kraken ($1.05 billion).

In addition to the surge in trading volume, the number of Bitcoin trades also reached a new high on February 28, totaling 23.25 million with an average trade size of $1.46k. This indicates a high level of interest and activity among both investors and traders in the cryptocurrency market.

Bitcoin Set for Best-Performing Month on Record

Bitcoin’s price has also been on a strong upward trend, gaining nearly $20,000 since the beginning of February. As of February 29, Bitcoin was trading near $62,500, reflecting a 6% increase in the last 24 hours. The cryptocurrency is edging closer to its all-time high of $69,000, achieved on February 21.

According to Coingecko, a cryptocurrency data provider, Bitcoin’s monthly gain of $19,976 in February is the largest ever recorded in U.S. dollar terms. This surpasses the previous record of $17,978 in October 2021, followed by $15,467 in February 2021.

Bitcoin’s performance in February has outpaced most other asset classes, including stocks, bonds, gold, and oil, in terms of monthly returns.

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