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On Monday, the price of bitcoin hit $ 40,000 for the first time since mid-June, bringing traders back into the market. Daily bitcoin trading volume reached $ 9.2 billion, the highest since June 22, according to a report from Arcane Research.
Bitcoin trading volumes have previously tended to decline, with some claiming this was in part due to Wall Streeters “taking a break” and going on summer vacation. Market action has been lackluster, with the price of bitcoin remaining stuck in a range between $ 30,000 and $ 40,000 since May.
The recent spike in trading volume could indicate that when there is market movement, interest and activity returns quickly.
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“The growing volume amid bitcoin’s strength suggests that the strong recovery was supported by an influx of buyers, a healthy sign for the market,” the Arcane report said.
It’s worth noting that trading volumes were trending downward and had four consecutive days below $ 3 billion before yesterday’s rebound, according to the report.
“Overall, the seven-day average trading volume remains significantly below its annual average, and bitcoin trading activity appears to be weak so far this summer,” Arcane analysts wrote.
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