Bitcoin trading volume hits new all-time driven by retail demand

Bitcoin, the world’s largest crypto asset, reached a record trading volume after reaching an all-time high of $89,956 on November 12.

According to the Matrixport report, Bitcoin’s trading volume has surged to over $145 billion in the last 24 hours, marking a new all-time high that is nearly 50% above previous highs observed in August and March of this year.

Volume continued to increase in subsequent trading hours and briefly exceeded $170 billion, according to Coingecko data.

Analysts at Matrixport noted that the increase in Bitcoin’s volume was largely due to increased retail investor interest following Donald Trump’s recent victory in the US presidential election.

Trump has vowed to develop a crypto-friendly environment in the US, pledging to “make the US the crypto capital of the planet,” establishing a Strategic Bitcoin Reserve, and replacing SEC Chairman Gary Gensler; This is a stance that the crypto industry sees as a strong stance. bullish catalyst.

Searches for Bitcoin on Google have also increased significantly, reaching a five-year high with a 78% increase, confirming growing public interest in the flagship cryptocurrency.

Moreover, spot Bitcoin ETFs also saw a massive surge following Trump’s victory, generating over $4.2 billion in revenue, which helped Bitcoin rise to its recent all-time high.

Based on historical trends, Matrixport’s analysis noted that increased retail trading activity often persists for several weeks, sometimes even months, during market upswings. Therefore, BTC is likely to continue its upward momentum in the coming weeks, the report stated.

At the time of writing, Bitcoin (BTC) is down 2.61% from its all-time high and the cryptocurrency appears to be experiencing a typical correction following its recent rally.

However, BTC supporters such as Michael Saylor, Arthur Hayes, and much of the crypto community remain optimistic and predict prices will rise further with targets of $100,000 and above.

Previously, analysts at Berstein had stated that they were confident in the $200,000 price target thanks to the crypto-friendly regulatory environment under the Trump administration and hopes for a pro-crypto SEC.

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Meanwhile, banking giant Standard Chartered expects BTC to reach $125,000 by January 2025.

However, pseudo-anonymous analyst Rekt Capital expects the Bitcoin price to correct further before its next rise. According to the analyst, Bitcoin has only reached 50% of its potential gain in this bull cycle, and he expects the peak to be reached around October next year.