Skip to content

Bitcoin transaction volume is gaining momentum despite choppy markets, data shows

Like much of the cryptocurrency market, Bitcoin (BTC) has been caught in a bearish streak for the past several days, but this doesn’t seem to have affected the token’s transaction volume, which has recently recorded a multi-month high.

Indeed, the transaction volume of the flagship digital asset (according to its seven-day moving average) has just reached a seven-month high of 293,520.059 BTC, according to the data by on-chain metrics platform Glassnode, tweeted by its alert account glassnode alerts on May 9.

Source: glassnode alerts

Taking into account its current price, this means that $9.7 billion worth of Bitcoin has been traded between market participants in the observed time frame.

According to the tweet, Bitcoin’s recent 7-month record beats the previous one it reached only one day before – on May 8, 2022, when it reached 293,348.968 BTC.

High BTC transaction volume despite market slump

The recent development comes as Bitcoin is facing a dramatic drop in price, which has hit a 10-month low on May 8 and continued to plummet in the wake of a significant stock sell-off that has also shaken the crypto market amid the persistent correlation between the two classes.

Despite showing signs of breaking out on May 4, when it surged 6% following the Federal Reserve’s move to raise interest rates by half a point, Bitcoin has since slumped dramatically, together with most digital assets – recording the market’s lowest results in over two months.

As of May 9, Bitcoin was down by more than 5.05% within 24 hours and 14.78% compared to one week before, currently trading at $32,996. The token’s market capitalization at press time stood at $633.66 billion.

With the recent drop, Bitcoin has lost the critical support level at $37,500, indicating the possibility of a further decline and setting the $30,000 mark as the next possible point. 

It is worth noting that the highest point for the price of Bitcoin since the year’s turn remains $48,000, which it reached in early January.

Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk. 

Best Crypto Exchange for Intermediate Traders and Investors

  • Invest in 70+ cryptocurrencies and 3,000+ other assets including stocks and precious metals.

  • 0% commission on stocks - buy in bulk or just a fraction from as little as $10. Other fees apply. For more information, visit etoro.com/trading/fees.

  • Copy top-performing traders in real time, automatically.

  • eToro USA is registered with FINRA for securities trading.

30+ million Users
eToro is a multi-asset investment platform. The value of your investments may go up or down. Your capital is at risk. eToro USA LLC does not offer CFDs, only real Crypto assets available. Don’t invest unless you’re prepared to lose all the money you invest.

Read Next:

Weekly Finance Digest

By subscribing you agree with Finbold T&C’s & Privacy Policy

Related posts