Bitcoin trading volume hits new all-time driven by retail demand

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As a seasoned researcher with a decade of experience in the ever-evolving world of finance and technology, I find myself constantly astounded by the relentless pace at which Bitcoin and its ilk are reshaping our global financial landscape. The recent surge in trading volume, coupled with Trump’s election victory, has sent ripples throughout the crypto community, much like a well-timed cannonball splashing waves in a tranquil pond.

On November 12th, when Bitcoin, the world’s leading digital currency, touched an unprecedented high of $89,956, its trading activity surged to a record level.

Based on findings from Matrixport’s report, the trading volume of Bitcoin surpassed an impressive $145 billion over the last 24 hours, establishing a brand-new record that is approximately 50% higher than the peak levels achieved in both August and March of this year.

As the day wore on, trading activity steadily increased, momentarily reaching over $170 billion, based on data from Coingecko.

Experts from Matrixport observed that an increase in Bitcoin’s trading activity was primarily due to a rise in interest among individual investors, triggered by Donald Trump’s win in the most recent U.S. presidential election.

Trump has pledged to create an inviting atmosphere for cryptocurrencies in the United States, aiming to make it the leading global hub for these digital assets. He also intends to set up a Strategic Bitcoin Reserve and potentially replace current SEC Chair Gary Gensler, moves that the crypto industry considers as significant positive indicators.

There’s been a substantial surge in people looking up Bitcoin on Google, marking a five-year high, and this upward trend represents a 78% increase, underscoring the escalating public fascination with the leading digital currency.

Additionally, Bitcoin Exchange Traded Funds (ETFs) experienced significant growth after Donald Trump’s election win, accumulating approximately $4.2 billion. This influx of funds played a significant role in propelling Bitcoin to reach its current record peak.

According to Matrixport’s study, when the market is rising, retail trading tends to persist for multiple weeks or even months. This implies that Bitcoin may continue its upward trend in the forthcoming weeks, as suggested by their report.

In simpler terms, when it came to Bitcoin (BTC), there was a drop of 2.61% from its record peak. This decrease seems to be a typical adjustment after Bitcoin’s recent surge in value.

As a keen observer within the realm of cryptocurrencies, I can’t help but notice the unwavering optimism among Bitcoin proponents such as Michael Saylor, Arthur Hayes, and many in our community. They foresee prices soaring to unprecedented heights, with ambitious targets set at $100,000 and even beyond.

Earlier, analysts at Berstein expressed continued optimism about their prediction of a $200,000 price point. This confidence stems from anticipating a more accommodating regulatory climate for cryptocurrencies during the Trump administration, as well as expectations of a favorable stance towards cryptos by the Securities and Exchange Commission (SEC).

In the context of cryptocurrency trading, a trader has highlighted the possibility of a bullish pennant pattern emerging on Bitcoin’s four-hour chart. This could suggest a potential future price increase towards approximately $103,000 within the short term.

Meanwhile, banking giant Standard Chartered expects BTC will reach $125,000 by January 2025.

Prior to experiencing another surge, anonymous analyst Rekt Capital predicts that the price of Bitcoin will drop more first. The analyst believes that Bitcoin has only achieved roughly half of its possible growth in this bull market, and anticipates the peak to be reached approximately in October of the following year.

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2024-11-13 14:00