Bitcoin transaction volume reaches its highest level since September 2022

The transaction volume on the Bitcoin network has been growing for the fourth consecutive month and reached $1.21 trillion in January. This is the highest figure since September 2022. The growth of the cryptocurrency market has led to both increased user activity and higher transaction volumes. While BTC is currently priced at $43,000, in September 2022, the coin traded at $20,000. However, the monthly transaction volume was even higher than it is now. Throughout 2023, the monthly transaction volume on the Bitcoin network did not exceed $1 trillion, except for December. Analysts attribute this to traders’ expectations of the launch of Bitcoin spot ETFs, and after these funds were introduced, activity increased.