Bitcoin hits new 12-month high in first half of 2023
Bitcoin surged to a new 12-month high in June due to growing institutional interest in cryptocurrencies, with its price exceeding $31,300.
Despite losing some of its gains in the month’s final week, BTC ended the first half of 2023 with an incredible 85 per cent rise, putting it on course for its best yearly performance since 2020.
In the first six months of the year, the world’s largest and most costly cryptocurrency also achieved an amazing trading volume.
According to BitcoinCasinos.com, Bitcoin’s trade volume exceeded $4.2 trillion in the year’s first half.
March saw the highest monthly BTC trading volume of $1.2 trillion, 60 per cent more than in April, May, and June.
Following a dramatic slowdown in December 2022, the final month of one of the most difficult years for the entire crypto sector, worldwide crypto trading volume increased significantly in January, with all major cryptocurrencies witnessing double and triple-digit month-over-month growth.
According to CoinMarketCap data, Bitcoin’s trading volume increased to $950.6 billion that month, up from $420.1 billion in December, making it the second most-traded digital coin in the crypto sector.
However, after starting 2023 on a good note and delivering much-needed hope to the market, Bitcoin’s price and monthly trading volume plunged substantially the next month.
According to data, Bitcoin trading volume reached $686.2 billion in February, a 27 per cent decrease from the previous month.
All of that changed in March, the strongest month for Bitcoin trading in the year’s first half.
Bitcoin’s price rose 21 per cent to be more than $28,000 that month, while trading volume increased 73 per cent month on month to about $1.2 trillion.
Tether, the most commonly traded cryptocurrency, reached $1.17 trillion in trading volume in March.
However, April saw another slump, with trade volumes in all major cryptocurrencies falling that month.
According to statistics, Bitcoin’s monthly trade volume fell by about $700 billion month over month in April to $492.9 billion.
After falling to $443.5 billion in May, Bitcoin trading volume increased to $508.9 billion in June, still 60 per cent behind its peak in March.
We have recently deactivated our website's comment provider in favour of other channels of distribution and commentary. We encourage you to join the conversation on our stories via our Facebook, Twitter and other social media pages.
More from Peoples Gazette
Agriculture
FG tasks ECOWAS on leveraging financing strategies for agroecology
The federal government has urged stakeholders in the agriculture and finance sectors in the West Africa region to leverage financing strategies to enhance agroecology practices
Politics
Katsina youths pledge to deliver over 2 million votes to Atiku
“Katsina State is Atiku’s political base because it is his second home.”
NationWide
Health minister urges increased investment in radiopharmaceutical cancer therapy
“Developing Nigeria’s capacity in the emerging field is crucial to improving access to advanced cancer treatment,” the minister said.
States
NESREA seals four facilities in Nasarawa over environmental violation
NESREA said the facilities were sealed for offences ranging from air pollution to lack of environmental management documents.
Politics
2027: Deputy Senate president Barau rallies support for Tinubu, APC candidates
Mr Barau urged constituents in Kano North senatorial district to remain united and support President Bola Tinubu in 2027.
Abuja
Receptionist in court over alleged N1.6 million breach of trust
The court adjourned the case until September 1 for hearing.
Sport
Falconets beat Poland 1-0 in U-20 Women’s World Cup friendly
The victory forms part of the Falconets final preparations for the 2026 FIFA Under-20 Women’s World Cup, scheduled to be held in Poland from August 31 to September 22.
States
Human rights commission records 140 complaints in Kano
Mr Abdullahi said the NHRC had treated 50 cases, with 90 pending.
