5 Reasons Bitcoin Trading Volume Is Up 58% Today


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Record inflation, war, and economic upheaval illustrate the real use case for Bitcoin.

Key points

  • After weeks of declines and sideways price movements, the price of Bitcoin has risen 17% in the past 24 hours.
  • The largest cryptocurrency by market capitalization also saw a massive increase in trading volume of 58% over the same period.
  • There are five main bitcoin attributes that stand out against the backdrop of inflation, war, and the economic uncertainty of individuals driving this heightened interest.

So far, 2022 has been a pretty bad year macro-economically – with high inflation spreading across the globe, Russia’s unprovoked invasion of Ukraine, the 30% collapse of the Russian currency and innocent citizens in various countries trying to protect the value of the money they have.

Against this backdrop of fear, uncertainty, and conflict, Bitcoin’s underlying strengths emerge that make it an investment option worth considering.

Bitcoin volume and price rise by double digits

According to CoinMarketCap at the time of writing, the price of Bitcoin has risen 17% in the past 24 hours, hitting a high of $44,755.68 at 8:09 AM EST this morning. More importantly, the same website shows that the trading volume of the first ever cryptocurrency has increased by 58% since yesterday.

This dramatic increase in trading volume suggests that there is a lot of interest and demand for Bitcoin. Reasons for this could include economic sanctions against Russia, the crater of the Russian currency – the ruble – over the weekend, and Russian citizens scrambling to convert these depreciated assets into alternatives, namely Bitcoin. Here are some of the reasons that make Bitcoin more attractive right now.

Five Bitcoin Attributes Driving Current Demand

  1. Scarcity. There will only ever be 21 million Bitcoins and 90% of this amount has already been mined. Once this maximum supply is produced and in circulation, the price is likely to rise significantly as demand continues to grow.
  2. Security. Since every transaction is encrypted and occurs on an immutable blockchain, each transaction can be verified but cannot be tampered with, hacked, counterfeited or altered.
  3. Decentralization. Bitcoin is not owned by any individual, company, organization or government. All attempts to shut down Bitcoin in its 13-year history have failed.
  4. Divisibility. Each Bitcoin can be broken down into 100 million subunits called “Satoshis” and with the growth of the Lightning Network, making small daily purchases using Bitcoin subunits is easier and faster globally.
  5. Portability without borders. Speaking of global scale, the only thing you need to send or receive Bitcoins directly to an individual anywhere in the world is an internet connection with Bitcoin wallets on each end. Plus, you can store your unique 12-word code on your bitcoin wallet so you don’t even have to take anything with you when you travel, allowing you to access your wallet from anywhere. or. Try this with gold bars, diamonds, or stacks of cash.

This discussion is not financial advice and each investor should do their own research and ensure they only invest what they can afford to lose, however, Bitcoin’s strengths become clearer as circumstances geopolitics become murkier and more confused.

Buy and sell cryptos on an exchange selected by experts

There are hundreds of platforms around the world waiting to give you access to thousands of cryptocurrencies. And to find the right one for you, you’ll need to decide which features appeal to you the most.

To help you get started, our independent experts have sifted through the options to bring you some of our best cryptocurrency exchanges for 2021. Check out the list here and start your crypto journey today.

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