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The data shows that bitcoin trading volume is now moving sideways at lower average prices again as activity crawls over the network.
Bitcoin’s average daily trading volume returns below $ 4 billion
According to Arken Research’s latest weekly report, the 7-day average BTC spot volume moved flat again last week.
“Trading Volume” is an indicator that measures the total amount of bitcoin that changes hands on the Bitcoin network any day.
When the value of this metric increases, it means that the total number of coins involved in chain transactions is increasing at the moment. Such a trend suggests that the BTC blockchain is now getting more activity.
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On the other hand, a decrease in the value of the index may mean that the interest of ordinary traders in the vicinity of crypto may decrease as activity in the network is declining.
Now, here is a chart showing the trend of 7-day average daily bitcoin trading volume over the last year:
The value of the indicator seems to have been quite low in recent days | Source: Arcane Research's The Weekly Update - Week 26, 2022
As you can see in the graph above, the daily Bitcoin spot trading volume showed a big spike in June. However, since then, the value of metrics has declined.
In the last seven days, the value of the index has fallen below $ 4 billion, much lower than last year’s average. This is despite seeing some volatility in the market during this period.
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Spikes were noticed above $ 5 billion on Thursday and Friday, but only $ 2 billion on very few weekends denied this high-quality effect.
Saturday saw the lowest daily values, especially since the beginning of June. The report noted that low volumes were most likely affected in the United States over the July 4 weekend.
BTC price
At the time of writing, the price of Bitcoin has risen about $ 20.5k, 8% in the last seven days. Last month, crypto lost 33% of its value.
The chart below shows the trend of currency prices in the last five days.
Looks like the value of the crypto has been going up over the last few days | Source: BTCUSD on TradingView
After fighting around the $ 19k price for a while, Bitcoin finally seems to have started to make some space above the 20k level in the last few days.
Featured image from Kanchanara on Unsplash.com, charts from TradingView.com, Arcane Research
