CryptoCompare reports a historic record of $68.3 billion by Crypto trading volumes on Monday

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  • Primary cryptocurrency exchanges witness trading volumes strike a daily record of over $68 billion
  • This significant episode ensued on Monday, January 4th 2021
  • Bitcoin achieved a high record of $34,800 on Sunday, falling sharply on Monday
  • Bitcoin’s potential for quick profits is being utilised by consumers

CryptoCompare represents a research firm that claims central authority. Its aims to provide accurate and precise information related to cryptocurrency market data. Being an information provider, it seeks to offer unparalleled scope and profundity of data. Moreover, it also intends to bridge the unsolicited gap between the crypto asset and conventional financial markets. The latest report of CryptoCompare announces a crucial transition in the financial market.

The new all-time high of Bitcoin

Trading volumes blew off all existing records on major cryptocurrency exchanges on this Monday, remarking the value of over $68 billion. The data was concluded via a research. The respective  research also highlights how bitcoin’s charge to an all-time peak has been accompanied by a trading frenzy. Bitcoin specifically strike a historic high of around $34,800 on Sunday.

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This episode reflects on the 2020 rally that observed it to more than just a quadruple when substantial U.S investors entered the financial market. Immediately post the high transition, it observed a sudden fall on Monday. Amidst all this the background context of the highly leveraged future markets remains volatile, even before possible recovery of losses. Ethereum’s role in the traditional financial market, the second-biggest cryptocurrency, also remains vital since it inclines towards trading in tandem with Bitcoin. Ethereum too then hit its peak on Monday. It remarkably touched $1,170 asserting the highest extent since January 2018.

The UK research firm report

CryptoCompare’s Tuesday report changed the dynamics with its freshly researched figures pronouncing the values of traditional finial market assets. Its data distinctly claimed that cryptocurrencies hit $68.3 billion in terms of its overall regular trading volumes. It also reflected on the average of daily volumes, marking the precise number to be $13.1 billion in 2020. 

Bitcoin, for the first time ever, crossed $20,000 in December 2016 remarking a historical episode. This consequential record high hence came post three weeks since this initial highlight point, reflecting the gravity of the advancement involved. The 2020 Bitcoin rally is being conveniently fuelled by the perception that Bitcoin can act as a potential hedge in context to the risk of inflation. This stimulated from the turns that the central banks as well as the governments took on the stimulus taps to deal with the COVID-19 pandemic. During the periods of paramount price swings, there is a spike observed in the crypto trading volumes regularly. Thus, this highlights the predominant role for speculative traders in this field of digital currency trading.

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Ritika Sharma
Ritika Kumari Sharma is an Economics Honors graduate from the University of Calcutta. She is completely into finance and believes that cryptocurrencies are the future. She is an enthusiast learner about the cryptocurrency and blockchain technology.

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