The cryptocurrency data analysis firm Kaiko claims that as a result of Bitcoin’s ascent to all-time highs, its trading volume has surpassed 2021 and hit a significant milestone.
As per Kaiko, on March 5, the value of Bitcoin trades exceeded $46 billion, reaching its highest point since 2021.
Wu blockchain provides an analysis of this milestone, using statistics from Kaiko: on March 5, the total spot trading volume of Bitcoin across all centralised exchanges (CEXes) exceeded $46.25 billion, marking the highest level since 2021.
At $23.84 billion in volume, Binance was the leader, followed by Coinbase ($4.83 billion), Bybit ($4.29 billion), OKX ($3.53 billion), KuCoin ($1.49), Upbit ($1.36), and Kraken ($1.21) billion.
https://x.com/KaikoData/status/1765300440923516945?s=20
The desire for bullish leverage surged last week, as seen by the BTC funding rates, which hit their highest points since the ETFs’ early January introduction.
Bitcoin sets new ATH
For the first time in almost two years, Bitcoin reached an all-time high on multiple exchanges, hitting $69,210 on Coinbase.
Tuesday saw a peak price of $69,000 for Bitcoin before a precipitous decline. Before the price began to rise again, the losses become more severe. As of right now, BTC was down 0.68% at $66,736.
On Nov. 10, 2021, Bitcoin reached its previous high of $68,982.20, over a year before FTX’s catastrophic collapse rocked the cryptocurrency market, causing what some have called the “Lehman Brothers moment” in the industry.
The record high that Bitcoin reached on Tuesday was a part of a broader 2024 rally, with other cryptocurrencies and financial instruments that are connected to Bitcoin rising in tandem with it.
A couple of the factors driving the cryptocurrency rise include the U.S. spot bitcoin ETFs that started trading earlier this year and the anticipation around the April “halving event.”
Even with the swift decline that followed, the new record is still a victory for the cryptocurrency sector as a whole.
