This year’s bearish sentiment has caused Bitcoin trading volume to drop by 60% compared to last year.
Bitcoin transaction volume data
Bitcoin trading volume on exchanges increased during the first quarter of the year by 60% globally compared to last year.
In fact, in the first quarter of 2022 the total was $2.420 billion, while In the first quarter of 2021 it was up to 6020 billion.
However, it must be said that between January and March 2021 there was a real bowler game in place, with the price increasing from $29,000 in December 2020 to $64,000 in mid-April 2021, while this year instead it was in the act Alcohol market.
Analysis carried out by Be[In]Crypto Research reveals that the reason for the two-and-a-half drop in quarterly trading volumes is due to bearish sentiments for 2022, Compared to last year’s rookie.
Despite this, it appears that the price of Bitcoin is starting to recover from the downtrend that started in December.
The truth is that this trend has significantly reduced investor interest in bitcoin and cryptocurrency in general, even if it appears that it is precisely the drop in interest in bitcoin that has generated a downtrend across all cryptocurrency markets.
The data that appears under the magnifying glass
When analyzing the individual monthly data, it turns out that in January 2021 The trade volume reached 2.150 billion dollars, With a single daily peak of 123 billion. On the other hand, the total monthly volume decreased in January 2022 to only 923 billion, With a maximum daily peak of less than 85 billion.
The situation was worse in February, the month of the invasion of Ukraine. Last year in February The total volume reached 2.260 billion dollarsIt peaked at 350 billion per day, while monthly Bitcoin volume has fallen to 671 billion this year, with a daily rise of just $46 billion.
It is located around a 70% off on a monthly basisAnd86% regarding daily peak.
In March, however, there was a timid recovery in trading volumes.
Last year, the monthly volume was $1.610 billion, with a daily peak of $70 billion, while this year the monthly volume was $830 billion with a daily peak of $39 billion.
So the daily peak in March 2022 was slightly lower than it was in February, but the monthly volume was 23% higher than the previous month. Instead, it is 48% lower than it was in March 2021.
On the other hand, in the recently ended first quarter of 2022, Bitcoin price It opened at around $46,000, recorded a quarterly high of around $48,000 and then closed at around $45,500. I also touched a With a minimum of just over $33,000.
Last year, the quarter started at $28,900, and after it reached Max Peak Quarterly at $61,700, It closed at $58,900.
So, the first quarter 2022 volumes may not have been too low, but the first quarter 2021 volumes may have been too high.
Jingle after 2021 boom
The report does not reveal the figure for the first quarter of 2020, but it was certainly much lower than the $2.420 billion in the first quarter of 2022.
2021 was a very special year for the cryptocurrency markets and was already known to everyone, but this data shows how different it is compared to 2022, although the average price level is more or less in line.
What has changed is above all the direction in which From ascending to descending. On the other hand, above all, many small investors or retail speculators are primarily attracted to bullish trends, so this difference is not at all surprising.