Bitcoin trading volume in the first quarter of 2022 is two and a half times lower than it was in the first quarter of 2021, owing to unfavourable crypto market sentiment.
Bitcoin is still on the mend after a downward trend that began in December 2021.
Investor interest in the top cryptocurrency fell sharply in the first quarter of 2022, according to data.
During the first quarter of 2022, Bitcoin’s trading volume was estimated to be at £1.88 trillion, a 60% decline in the trading volume of roughly £4.69 trillion recorded between January and March last year.
The decrease in daily trading volumes can be related to a bearish trend in the entire crypto market, which is mostly due to a drop in investor interest in the world’s largest cryptocurrency by market capitalisation.
Bitcoin’s trading volume peaked at £1.67 trillion in January last year, with a single-day high of roughly £95.8 billion. The volumes fell in January 2022, following the bearish trend of December 2021. The cryptocurrency’s trading volume was £719 billion in January this year, with a single-day high of £65.4 billion.
The leading cryptocurrency’s trading volume peaked at £1.76 trillion in February 2021, with a single-day high of £273 billion. Russia’s invasion of Ukraine compounded the unfavourable crypto market sentiment from the previous month. Bitcoin’s trading volume dropped to £523 billion over this time, with a single-day high of £35.8 billion.
Bitcoin hit £1.25 trillion in trading volume in March 2021, with a single-day high of £54.5 billion. Despite the fact that most major digital currencies’ values rose in the final two weeks of the quarter, its trading volume declined in the third month of the year. Bitcoin’s trading volume in March 2022 was £646 billion, with a single-day high of around £30.4 billion.
On January 1 2021, Bitcoin opened at a price of £22,600, reached a quarterly high of £48,000 on March 13, and then fell 4% to £45,900 at the end of the first quarter. Between the opening and closing prices in Q1 2021, there was a 103% increase.
On January 1, 2022, Bitcoin opened at £36,100, reached a quarterly high of £37,400 on March 29, and closed the first quarter at £35,500. Between the opening and closing prices of Bitcoin in Q1 2022, there was a 1% fall.