Bitcoin Spot Trading volume
Data shows that Bitcoin spot trading volume has risen recently, creating a new high for the year 2022 so far.
Bitcoin Spot Trading Volume Observes Sharp Uptrend
According to the latest weekly report from mysterious investigation7-day average BTC volume has now hit a new annual record of around $11.4 billion.
the “spot trading volume” is an indicator that measures the total amount of Bitcoin traded on spot exchanges on a given day.
When the value of this metric is high, it means that a large number of coins are observing movement in the spot markets. Such a trend shows that investors are active at the moment.
On the other hand, low readings of the indicator suggest that there is not much activity happening in exchanges right now. Trends like this can be a sign that investor interest in the crypto is currently low.
Here is a chart showing the trend in the 7-day moving average Bitcoin spot trading volume over the past year:
The 7-day MA value of the metric seems to have sharply risen up in recent days | Source: Arcane Research's The Weekly Update - Week 36, 2022
As you can see in the chart above, Bitcoin spot trading volume has seen a sharp spike in its value lately.
The value of the indicator is now about $11.4 billion, its highest value to date, not only in this part of 2022, but overall in the last twelve months.
The chart also shows the individual contribution to the total daily spot volumes coming from the crypto exchange Binance.
It appears that the exchange is seeing significantly more volume than the rest of the market combined, and has been for some time. The reason behind this is the removal of fees for certain BTC trading pairs that the platform used a while ago.
This encouraged traders who wanted to use high volume trading strategies to turn to Binance, which is why the exchange’s dominance jumped.
After this latest increase, Binance’s share of the 7-day average total daily Bitcoin spot trading volume has reached about 87%.
BTC price
At the moment of writing, The price of Bitcoin hovers around $20.3k, up 8% over the past seven days. Over the past month, the crypto has fallen 17% in value.
The chart below shows the trend in the price of the coin over the past five days.
Looks like the value of the crypto has crashed down over the last couple of days | Source: BTCUSD on TradingView
Featured image from André François McKenzie on Unsplash.com, charts from TradingView.com, Arcane Research
