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Edited: Bitcoin (BTC) 24-Hour Trading Volume Close to $100 billion, Liquidity Drying Up Fast

By Bhushan Akolkar
January 8, 2021 Updated January 8, 2021
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Bitcoin (BTC) is smashing past new records every few hours over the last two days. In a fresh rally today, the Bitcoin price clocked a new all-time high of $41,500 flipping giant organizations like Facebook and Tesla. However, with the one price rally, Bitcoin has hit multiple milestones.

As per the information on CoinMarketCap, the 24-hour trading volume for Bitcoin has surged 25% coming very close to $700 Billion. As of writing this story, the BTC 24-hour trading volume stands at $98 billion. As a result, popular crypto exchanges like Bitstamp and Binance have reported record user traffic. As Bitstamp recently update, the daily Bitcoin trading volume on the exchange crossed $2 billion for the very first time.

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On the other hand, Binance CEO Changpeng Zhao tweets “Insane amount of traffic”. The popular crypto handle on Twitter “unfolded” notes that “Contrary to previous months, recent 30-day Bitcoin (BTC) trading volumes as high on weekends as on weekdays. This change in activity might be due to increased retail investments, as Binance reports record user traffic”.

On the other hand, as per the Glassnode data, the active BTC addresses have recently hit an all-time high.

Bitcoin (BTC) Liquidity Crunch Intensifies

Another market analyst Willy Woo has recently shared interesting data that shows HODLers are squeezing-in more BTC at the moment.

In the following tweet, Woo writes: “RED zones mean the net flow of coins are moving to participants that are historically strong HODLers. Via on-chain forensics; clustering wallet addresses into participants, then observing their behaviour. Historically we see GREEN, before rallies start to top out”.

The recent Bitcoin bull run of 2021 has flabbergasted every market analyst in the financial world. analyst Neil Wilson cautions investors at this stage and says that there could be a massive profit-booking and correction in the coming days.

Sharing another interesting fact, Morgan Creek Digital’s founder notes that Bitcoin (BTC) has given over 200%+ compounded annual returns over the last 9 years. Probably Bitcoin is the only asset class to give such historic returns in the last decade. Even if it continues to surge at one-fourth of this rate, BTC can easily touch $1 million by 2030.

Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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