Bitcoin Hits the Big 4-0-K

It’s no ordinary day in the world of cryptocurrency, folks. Bitcoin has soared to a staggering $40,000, smashing its previous all-time high for ‘real’ volume—the category of trading that separates the wheat from the chaff.

Volume Like Never Before

Get ready for numbers that make your head spin! Quantum Economics’ Mati Greenspan revealed that the weekly spot volume has doubled its previous high, topping more than $60 billion worth of BTC traded within just one week.

The Real Volume Revelation

So, what’s the secret sauce behind Messari’s “real volume” metric? It’s like the coolest VIP club for exchanges that actually report legitimate activity. We’re talking about the big names: Binance, Bitfinex, and more, plus a splash of credibility from a dozen data aggregators. The metric even did some gymnastics, adjusting numbers for Asian exchanges by cutting down on inflated numbers. Spoiler: it works. At the time of writing, we’re looking at over $67 billion traded this week. Mind. Blown.

Crushing Previous Records

Let’s take a step back in time, shall we? The previous record for real volume came around mid-2019 when weekly trading surpassed $32 billion. That feels like a toddler’s allowance compared to today’s numbers. During that time, BTC was having a moment—bouncing back after being knocked down like a cheap piñata earlier in the year.

Other Players Report Big Numbers

• CoinMarketCap claims over $85 billion in Bitcoin changed hands in the last 24 hours.
• CoinGecko said, “Hold my beer!” with reports of around $77 billion in daily trade.
• Skew chimed in with a cool $97 billion in Bitcoin futures contracts traded in just 24 hours.

Monster Volumes Are the New Normal

Greenspan isn’t just tossing around buzzwords; he calls this a session of “monster volumes.” It’s a bit like the stock market, but with more dramatic flair and a dash of crypto excitement! The trading volumes on the Bitcoin blockchain have been building up like a good suspense thriller. They’re now higher than during those wild rides of 2017 and 2019. If you’re not in the crypto game yet, maybe now’s the time to hop on this rollercoaster, but remember to keep your arms and legs inside at all times!