Bitcoin Trading Volume Sink In April
April was one of the most successful months for Bitcoin and other cryptocurrencies, with the highest average monthly returns. According to market surveys, such was not the case this year.
Although Bitcoin surpassed $30,400 on April 18, achieving its highest level since early June, its monthly gain was only 3%, far less than the 21% rise witnessed in March and far less than the gains typically seen in the fourth month of the year.
According to data published by BitcoinCasinos.com, the monthly trading volume of the most costly cryptocurrency also decreased dramatically, with Bitcoin trade volume falling by about $700 billion in April.
A big decline in Bitcoin trading volume following its price increase may indicate that investors are taking a wait-and-see approach or shifting their capital to other cryptocurrencies.
According to CoinMarketCap data, Bitcoin’s monthly trading volume in April was $492.9 billion, or 58% less than the over $1.2 trillion witnessed the previous month.
(With Input from Shikha Singh)
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