The first quarter of 2024 has proven to be a stellar period for Bitcoin (BTC), with the leading digital asset recording over $1.4 trillion in trading volumes – a staggering 107% increase from the previous quarter.
This figure represents Bitcoin’s third-best quarterly performance in the past three years, a testament to the growing market engagement and improved participation.
The primary catalyst behind this surge was the launch of spot Bitcoin exchange-traded funds (ETFs) in the United States, which sparked high demand and drove the asset’s price to a 64% gain, marking its third-best quarterly performance in three years.
Notably, major centralized exchanges like OKX and Bybit witnessed significant growth in their trading activity, while smaller Asian platforms like Bithumb, Korbit, Bitflyer, and Zaif recorded the highest percentage increase in trading volumes.
Additionally, the 60-day correlation between BTC and altcoins slumped to multi-year lows, with Kaiko attributing the decline to altcoins’ competition for liquidity and Bitcoin’s high inflows amid the launch of spot ETFs.
This remarkable performance in the first quarter of 2024 is a testament to Bitcoin’s resilience and the growing mainstream adoption of digital assets.
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