Bitcoin trading volume on exchanges grew 61 percent in Q1 compared to previous quarter
April 5, 2020, 11:05AM EDT
1 min read
Bitcoin trading volumes across The Block 22 exchanges saw a significant uptick during the first quarter of 2020.
The volumes reached over $154 billion in the quarter – a 61% increase over the previous quarter figure of $96 billion, according to research conducted by The Block's Steven Zheng.
The quarterly average price of bitcoin, however, increased only about 4% on a quarter-on-quarter basis.
Despite an increase in trading volumes, the value transacted on the bitcoin network saw a relatively minor rise of 11% in Q1 2020 when compared to the previous quarter. During the first quarter, users transacted over $178 billion in BTC, at an average of $1.98 billion a day.
To read the full analysis which covers SegWit transactions and statistics for the Lightning network during 2020's first quarter, as well as more such data-driven stories, subscribe to The Block Research.
Today the always-on demands of online markets have to be matched with the ability to access opportunities instantly and with no limits. Historically correspondent banks would move large sums of money for those needing to transfer funds while creating bottlenecks of unnecessary friction.
Ethereum had a breakout year in 2021. It’s native asset, ETH’s, market capitalization surpassed $500 billion for the first time. Its network facilitated upwards of $7 trillion value transfer. Non-fungible tokens (NFTs) emerged as another “killer application” that have put its technology on the global stage and caught the attention of the masses.