Markets
Bitcoin spot market forecasts consecutive monthly declines after six-month growth period
Quick take
According to data from The block, the Bitcoin spot market volume saw a consistent upward trend from September 2023 to March 2024. The total spot market volume across all exchanges in September 2023 was $324 billion. Each subsequent month saw increases, correlating with the increasing value of Bitcoin. By March 2024, volume had climbed to $2.5 trillion, with Binance managing $1.13 trillion alone.
Crypto monthly trading volume: 12 months: (Source: The Block)
Data from The Block shows that April 2024 marked the first drop in spot volume since September 2023. Total volume fell to $1.6 trillion, with Binance’s falling to $700 billion. In May 2024, the spot market volume stood at $1.11 trillion, with Binance’s contribution being less than $500 billion, although the month is not over yet.
From a broader perspective, March 2024 volume matches that of November 2021, a period that also represents a nominal peak for Bitcoin during the previous cycle. Nonetheless, May 2021 remains the record for highest monthly spot volume, reaching $4.2 trillion.
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