Bitcoin (BTC) broke many milestones this week with one of the records featuring the retest of the $46 billion trading volume for the first time since 2021.
According to data from crypto market data platform Kaiko, the aggregated Bitcoin trading volume on March 5 came in at $46.25 billion, as traders troop into the market amid Bitcoin’s recent ATH price of $69,170.63.
#Bitcoin trade volume crossed $46 billion yesterday, its highest level since 2021. pic.twitter.com/YXIEwZgI5S
— Kaiko (@KaikoData) March 6, 2024
The Bitcoin trade volume has had a series of upheavals since the start of this month, with March 1 opening figures coming in at $16.46 billion. This figure dropped to $9.15 billion on March 2 before retracing its steps to new highs.
Exchange Contributions
Centralized Exchanges account for Bitcoin’s largest volume. Per the Granular data from Kaiko, Binance took a major share of the overall volume, which comes in at $23.84 billion.
Coinbase, Bybit, and OKX also recorded billions in trading volume. While Coinbase’s volume topped $4.83 billion, Bybit and OKX recorded $4.29 billion and $3.53 billion, respectively.
The majority of trading platforms have seen notable upticks in their respective trading volumes since the start of the month. A report from The Crypto Basic as of February 29 pegged Binance’s volume at $17.09 billion with Coinbase, Bybit, and OKX recording $2.98 billion, $2.92 billion, and $2.02 billion, respectively.
The Michael Saylor Effect
The hype in the broader market regarding Bitcoin trading is notably being bolstered at the moment by several factors, including MicroStrategy’s unwavering approach to accumulating more BTC.
While boasting over 193,000 Bitcoin currently worth $12.787 billion, the firm has announced the pricing of its $700 million Senior Convertible Notes, a debt offering it hopes to use to buy more of the digital currency.
Micro Strategy just borrowed $700 million to buy more bitcoin 🚀 pic.twitter.com/ymkYfxcDrs
— Crypto Tea (@CryptoTea_) March 6, 2024
Overall, the spot Bitcoin ETF market, and the upcoming halving event are among the catalysts that are set to help drive not just the volume but the price of Bitcoin in the long term.
