Bitcoin Volume Reaches Highest Level Since September 2022

(CTN News) – There was a record Bitcoin trading volume recorded in the blockchain of the first cryptocurrency in January, with the figure amounting to $1.21 trillion, which analysts declared to be a record.

In September 2022, The Block reported, for the first time on its website, that the total trading volume on the Bitcoin network reached $1 trillion, according to a report by The Block. It was at that time that Bitcoin (BTC) was trading around $25,000 at that time.

This sharp increase in Bitcoin trading volumes was accompanied by the approval of spot Bitcoin ETFs on Jan. 10 by the Securities and Exchange Commission (SEC), paving the way for the adoption of Bitcoin ETFs in the future.

It was found that the volume of exchange trading in the new investment instruments exceeded $4.5 billion on the first day, and that the price of BTC immediately rose to $48,800.

The surging of the cryptocurrency Solana (SOL) also caused a record to be set in the cryptocurrency world. Compared to last month, the volume of transactions on the Solana network in January increased by 30% compared to last month.

Thus, by the end of the year, the figure would have reached almost a trillion dollars – $951,9 billion. There has been no such surge in activity in the SOL blockchain in nearly two years, and such a spike is unprecedented.

Transaction volume has grown primarily due to the excitement surrounding the airdrop from the Jupiter aggregator, which has resulted in an increase in transaction volume.

Additionally, the popularity of the new meme coin WEN and the rise in the value of SOL have also affected the indicator in addition to the rise in the value of SOL.

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