The first quarter of 2024 was recorded as the best quarter for Bitcoin in the last three years. According to the Kaiko data analysis platform report, a transaction volume of $1.4 trillion was realized between January-March 2024. This represents the largest volume seen by Bitcoin in over two years and a 107% increase from the previous quarter.
Interest in Bitcoin is Growing
This quarter exhibited the best performance for Bitcoin in the last year. Bitcoin, which displayed a performance close to the $1.93 and $2.16 trillion transaction volumes recorded in 2021, is drawing attention with strong market participation and increasing transaction volumes. Especially smaller platforms in Asia experienced significant increases in transaction volumes in addition to major exchanges.
Market Impact of ETF Funds
Behind Bitcoin’s success during the past quarter are the spot Bitcoin ETF funds launched in the US. The high demand for these funds led to Bitcoin closing the quarter with a 64% gain. Bitcoin delivered its highest returns in the first quarter of 2021, with the second-best performance occurring in the first quarter of 2023.
Useful Information for Readers
The first quarter of 2024 was recorded as the best quarter for Bitcoin in the last three years.
Bitcoin saw its largest quarterly transaction volume, reaching $1.4 trillion, and showing a 107% increase from the previous quarter.
In addition to major exchanges, smaller platforms in Asia also experienced significant increases in transaction volumes.
The Bitcoin ETF funds in the US played a significant role in Bitcoin’s price increase.
The drop in correlation between Bitcoin and altcoins led to competition among altcoin projects for liquidity.
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