<p>Bitcoin trading volumes across <a href="https://www.theblockresearch.com/introducing-the-block-22-an-extension-of-12-other-exchanges-on-top-of-bitwise-10-50967" target="_blank" rel="noopener noreferrer">The Block 22 exchanges</a> saw a significant uptick during the first quarter of 2020.</p> <p>The volumes reached over $154 billion in the quarter – a 61% increase over the previous quarter figure of $96 billion, according to <a href="https://www.theblockresearch.com/a-deep-data-dive-into-bitcoins-first-quarter-of-2020-60320">research</a> conducted by The Block's Steven Zheng.</p> <p>The quarterly average price of bitcoin, however, increased only about 4% on a quarter-on-quarter basis.<br /> <br /> <img class="aligncenter size-large wp-image-60939" src="https://www.tbstat.com/wp/uploads/2020/04/Volume1-1-1200x536.png" alt="" width="1200" height="536" /></p> <p>Despite an increase in trading volumes, the value transacted on the bitcoin network saw a relatively minor rise of 11% in Q1 2020 when compared to the previous quarter. During the first quarter, users transacted over $178 billion in BTC, at an average of $1.98 billion a day.</p> <p>To read the <a href="https://www.theblockresearch.com/a-deep-data-dive-into-bitcoins-first-quarter-of-2020-60320">full analysis</a> which covers SegWit transactions and statistics for the Lightning network during 2020's first quarter, as well as more such data-driven stories, subscribe to <a href="https://www.theblockcrypto.com/genesis">The Block Research</a>.</p>