According to crypto data research provider Kaiko, Bitcoin’s rise to all-time highs has brought it to a major milestone in its trading volume, which has reached its highest level since 2021.
#Bitcoin trade volume crossed $46 billion yesterday, its highest level since 2021. pic.twitter.com/YXIEwZgI5S
— Kaiko (@KaikoData) March 6, 2024
Per Kaiko, Bitcoin trade volume crossed $46 billion on March 5, its highest level since 2021.
Wu blockchain, citing Kaiko data, gives a breakdown of this milestone: the overall spot trading volume of BTC across all centralized exchanges (CEXes) surpassed $46.25 billion on March 5, its highest level since 2021.
Binance led the way with $23.84 billion in volume, followed by Coinbase at $4.83 billion, Bybit at $4.29 billion, OKX at $3.53 billion, KuCoin at $1.49 billion, Upbit at $1.36 billion and Kraken at $1.21 billion.
Last week, BTC funding rates reached their highest levels since the ETFs’ launch in early January, indicating increased demand for bullish leverage.
Bitcoin sets new ATH
Bitcoin hit an all-time high on several exchanges for the first time in more than two years, reaching $69,210 on Coinbase.
On Tuesday, the price of Bitcoin topped $69,000 before falling sharply. The losses intensified before the price started recovering, and BTC was last trading lower by 0.68% at $66,736.
Bitcoin set its previous high of $68,982.20 on Nov. 10, 2021, roughly a year before FTX’s devastating collapse struck the crypto market in what some refer to as crypto’s Lehman Brothers moment.
Bitcoin’s rise to a record high on Tuesday was part of a larger rally in 2024, with other cryptocurrencies and financial vehicles linked to Bitcoin climbing alongside it.
Catalysts propelling the cryptocurrency boom include the U.S. spot bitcoin ETFs that began trading earlier this year and expectations regarding the April “halving event.”
Despite the quick pullback seen subsequently, the new record remains a triumph for the general crypto industry.
