The crypto ecosystem is in an upbeat mood at the start of the year as the price of Bitcoin (BTC) has crossed $45,000. Volume handled by exchanges is also clearly increasing, with levels not seen since 2022. Could this be the start of a “real” bull run?
The volume of exchange platforms increased sharply at the beginning of the year
The rise in the price of Bitcoin (BTC) as well as possible approval of spot bitcoin ETFs, has been generating excitement in the crypto community for several weeks now. As a result, the transaction volumes reported by the exchange platforms are growing: the symbolic bar of 1,000 billion dollars per month for the month of December 2023 has just been crossed. This is a limit that has not been reached for more than a year, in September 2022:
Monthly trade volume of major centralized platforms
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According to The Block’s head of research, Steven Zheng, this is particularly noteworthy given the time period in which it occurred :
” Being the holiday season, December has historically been a slow month for cryptocurrency trading. (This procedure)is therefore particularly noteworthy and shows the optimism of the industry.»
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Bitcoin ETF and the upcoming halving
It is, of course, spot bitcoin ETFs that largely fuel this enthusiasm, because the SEC could give the green light to the first wave starting this week. Moreover, the Bitcoin halving, planned for next spring, is also a source of optimism. Overall, the ecosystem expects continued price growth and a real bull run.
👉 To go further – Spot Bitcoin ETFs explained: everything you need to know
Moreover, it is not only BTC that is affected. As is often the case, following the biggest cryptocurrency, other cryptocurrencies also benefited from the increase. Some also hit all-time highs (ATH), including Arbitrum (ARB), Optimism (OP), and Ordi (ORDI).
This morning bitcoin price shows $45,100, month-on-month increase of +8%.. Over the year, the largest cryptocurrency has increased by +169%.
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Source: The Block
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Journalist at Cryptoast, I have been immersing myself in cryptocurrencies since 2017. I am passionate about issues of decentralization, privacy and the global impact of these new technologies.
Marine Debelloir
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