Bitcoin hits new 12-month high in first half of 2023

In the first six months of the year, the world’s largest and most costly cryptocurrency also achieved an amazing trading volume.

Wale Agbede • July 5, 2023

A bitcoin used to illustrate the story

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.