In March, the amount of Bitcoin being bought and sold was almost as high as during the peak of the 2021 market boom, according to data from Glassnode.

This year, the price of Bitcoin went up a lot because many people were buying it. Glassnode’s report on Tuesday looked at how the market is doing right now.

Bitcoin trading volume today compared to last year.

Glassnode observed that in March, the amount of cryptocurrency traded reached $14. 1 billion, which was similar to the high levels seen during the peak of the market in 2020-2021.

The amount of money being traded each day has decreased to around $7 billion in April. The report said this.

The 2021 bull run has similar patterns when looking at how volume changes quickly or slowly. As of April 6, Bitcoin’s average amount of money traded every day for the past 30 days was $9. 59 billion, which is much more than the average amount traded every day for the past 180 days, which was $5. 95

Actually, more money is being traded on Bitcoin exchanges than last year. It’s now at $8. 19 billion per day.

In general, the price of Bitcoin this year has gone up a lot because more people are trading it and using it on exchanges. This information comes from Glassnode.

This week, an analysis by lead Glassnode analyst James Check showed that spot ETFs now make up about 30% to 50% of the things that affect Bitcoin’s price.

The impact of Bitcoin ETFs on regular trading is clear on weekends – the new funds don’t trade then, and the amount of trading happening directly on the blockchain is lower as a result.

Similar to 2021, exchanges had a lot more people buying than selling, with $143. 6 million more in spot volume from takers buying than makers selling last month. In 2023, exchanges mainly sold more Bitcoin than they bought, even though the price of Bitcoin went up and down.

The current status of Bitcoin’s ups and downs.

Bitcoin’s price recently went above its highest price in 2021, reaching $69,000 in March. It has been staying around that price since then. Bitcoin has not dropped much after reaching its highest value, which suggests that the “excitement” about the market going up is just starting.

Also, the amount of money invested by people who only hold onto their investments for a short time (less than 6 months) reached the highest levels, between 84% and 95%, in the last two periods of strong market growth for Bitcoin. This is based on the “realized cap” of Bitcoin, which measures the value of all the coins in the network depending on when each coin was last moved.

Now, the number is 47%, which is a lot higher than the 20% it was in January, but not as high as it was at its highest point.

“This means that the amount of money held by people who own Bitcoin is about the same for those who have had it for a long time and those who are new to it,” Glassnode stated.

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