Bitcoin Trading Volume

The price of Bitcoin is incredibly volatile because it is such a young currency and market. Bitcoin prices can fluctuate significantly over a short period, and this can make it difficult to predict its value accurately. Factors such as news events, market sentiment, and regulatory changes can all impact the price of Bitcoin, leading to sudden and significant price swings.

Historically, April has been one of the strongest months for Bitcoin and other cryptocurrencies, bringing the biggest average monthly returns. However, this year, that wasn't the case. Although Bitcoin topped over $30,400 on April 18, reaching the highest level since early June, its monthly gain was only 3%, way down from 21% in March and much less than gains usually seen in the fourth month of the year. The monthly trading volume of the most expensive crypto also significantly dropped.

Another risk associated with Bitcoin trading is the security of the exchange or wallet where the Bitcoin is stored. Cryptocurrency exchanges and wallets have been targeted by cybercriminals, and investors have lost significant amounts of money as a result of hacks and thefts.

According to data presented by BitcoinCasinos.com, Bitcoin trading volume sank by almost $700billion in April. A significant drop in Bitcoin trading volume after its price surge may show investors adopting a wait-and-see approach or moving their capital to other cryptos. According to CoinMarketCap data, Bitcoin`s monthly trading volume amounted to $492.9bn in April, or 58% less than almost $1.2trn seen a month before.

However, Bitcoin was not the only digital coin whose monthly trading volume declined in April. In fact, statistics show all major cryptocurrencies saw a double-digit drop. Tether`s trading volume was down by 38% month-over-month to $730.5bn. Ethereum saw a 28% decline and around $230bn in 30-day trading volume. USD Coin, the fourth most-traded digital coin in the crypto space last month, saw a 38% decline and $97.5bn in monthly trading volume

Dr. Deepak Kumar Sahu, President & CEO, VARINDIA