Bitcoin’s ‘real’ volume doubles previous all-time high

In Bitcoin’s meteorite rally to $ 40,000, BTC exceeded its previous all-time high for “real” volume by around 100%.

On Jan. 7, Quantum Economics founder Mati Greenspan shared a chart showing that weekly spot volume has increased to double its previous high and BTC is worth more than 60, according to Messari’s “Real Volume” metric Billion US dollars has changed hands in the past seven days.

Messari’s “Real” volume metric was launched to aggregate and adjust the volumes of the top exchanges it believes are reporting legitimate activity – Binance, Bitfinex, Bitflyer, Bitstamp, Bittrex, Coinbase Pro, Gemini, itBit, Kraken and Poloniex.

The metric was updated in May 2020 and includes an adjusted rating for the major Asian exchanges, including Huobi, OKEx, Gate.io, Bithumb, UpBit, CoinOne and Liquid. A customized rating based on information provided by 10 third party crypto data aggregators was used. It also includes a 50% adjustment to the reported volume from Korean and Chinese platforms.

At the time of writing, more than $ 67 billion in BTC had changed hands this week.

“Real” Bitcoin trading volume: Messari

The previous record in real volume was hit in mid-2019, when weekly volume topped $ 32 billion as price briefly retook the five-digit range after falling below $ 4,000 earlier this year.

Other crypto data providers are also reporting record volumes for BTC. CoinMarketCap estimates that more than $ 85 billion worth of Bitcoin has changed hands in the past 24 hours alone, while CoinGecko reported a daily trade of $ 77 billion.

Bitcoin futures contracts have produced more than $ 97 billion in 24-hour trading, according to Skew.

Aggregated daily BTC futures volume: Skew

Greenspan said the markets were seeing “monster volumes”.

“The volumes on the Bitcoin blockchain have also grown steadily over the past few months and are now much higher than in the 2017 and 2019 rallies.”

Stay in the Loop

Get the daily email from CryptoNews that makes reading the news actually enjoyable. Join our mailing list to stay in the loop to stay informed, for free.

Latest stories

- Advertisement - spot_img

You might also like...