Trading activity on Bitcoin exchanges experienced a major increase although its price was going through a major correction.
According to information from cryptocurrency research company Messari, BTC’s actual 24-hour trading volume is estimated at $22.3 billion.
To expound on this figure, Cointelegraph reported previously that Bitcoin’s real weekly trading volume reached a new climax of $60 billion. In a single day, exchanges platforms processed over a third of that sum. This alludes to a new historic high by the end of the week if the current pace is maintained.
According to data from cryptocurrency analytics provider Skew, regardless of facing numerous service interruptions in the midst of a price plunge, Coinbase observed an estimated $3.5 billion in trading volume. In entirety, Coinbase handled over $9.5 billion in cryptocurrency trades on Monday, which is a record high for the exchange.
Truly, Coinbase’s volume peak on Monday surpasses the platform’s entire trading activity for the complete first quarter of 2019. The amount also passes the firm’s January 2020 trading volume sum.
Given the quick increase of BTC from $31,000 to the $35,000 price point, it is clear that a large proportion of the trading volume was pushed by the Bitcoin-buying opportunity below the new price peak.
Both Glassnode and Messari data indicate positive net Tether exchange flows, showing a consistent appetite for Bitcoin with the price lingering $6,000 below its historic peak.
The trading activity spike on Monday rippled into the derivatives market with the BTC options and futures field noting massive volumes. Information from Skew puts Monday’s BTC futures trading volume at $170 billion.
It is only CME that almost eclipsed the $5 billion trading point, setting a fresh 24-hour volume record. Additionally, BTC options volume also surpassed the $2 billion mark on Monday.
In the meantime, some experts stated that Monday’s plunge was a “healthy and necessary” rectification. It is only the first few days of the year and Bitcoin has risen to about 23%.