Bitcoin 30-Day Trading Volume Hits Records High Of $770 Billion

Bitcoin 30-day trading volume reached a record high back on June 26 but the indicators are still managing to keep the record level in terms of monthly volume as we can read in the latest cryptocurrency news below.

The number one cryptocurrency is trying to break past the support level at $9,000 and the trading volume is keeping a steady level. This shows that the bears are very strong and the number one cryptocurrency on the market has still not found the temporary low yet. According to the data from CoinMarketCap, Bitcoin’s trading volume from June 17 to July 16 was standing at $769.8 billion which was the biggest 30-day figure recorded. The daily average for the same period was about 25.6 billion. In comparison, the daily average volume year-to-date stands around 42% lower which is at $14.8 billion.

The monthly volume figure from the recorded daily high that was reached on June 26 was over $45 billion. The lowest daily volume figure was also in June at more than $15 billion. Year-to-date, January has been the worst month regarding the Bitcoin price and the trading volume since the latter indicator was at 167.3 billion over the month with a $5.4 billion daily average. Despite the current high-level monthly volume recorded, bitcoin is far away from the traditional forex market which has an average daily turnover of over $5 trillion since 2016.

It is worth to mention that the volume data from Coinmarketcap does not include the volume from BitMEX which boosts the highest bitcoin trading volume. The users at the exchange are allowed to engage in margin trading which means that the volume figures are slightly distorted and the platform’s XBT/USD pair is acting more like a derivative product than something else. BitMEX total trading volume in the last 30 days was standing at 207.2 billion and it was mainly driven by XBT/USD.

Over the past week, the exchange has liquidated over $1 billion of long positions against the $174.4 million. This could impact the position on Bitcoin’s current price and could expect to extend the losses of the asset even further. The Bitcoin 30-day trading volume is expected to also increase steadily as noted in the altcoin news previously.