The overall downtrend in the crypto market has affected Bitcoin trading volume. Market data shows that Bitcoin trading volume in the first quarter was less than half that of the same period last year.
Bitcoin’s move at low levels is the biggest factor
Many cryptocurrencies lost value significantly in the first two months of 2022. While the figures for the second half of March indicated a steady upward trend in prices, the gains were not large enough to offset the heavy losses recorded between January and February.
The effect of this falling market also affected the transaction volume.
Bitcoin transaction volume in the first quarter of 2022
Investor interest in Bitcoin has plummeted, as has the crypto market. The flagship cryptocurrency‘s trading volume has dropped from around $6.02 trillion in the first quarter of last year to $2.42 trillion, down by $3.6 trillion between January and March this year.
A breakdown of these figures shows that combined trade volume in the first quarter of 2022 was only slightly above average for the first three months of 2022.
Bitcoin transaction volume exceeded US$2.15 trillion and US$2.26 trillion in the last two months of last year, exceeding US$2 trillion. The corresponding figures for this year fell to $923 billion and $671 billion, respectively.