Bitcoin trading volume on exchanges grew 61 percent in Q1 compared to previous quarter

Bitcoin trading volumes across The Block 22 exchanges saw a significant uptick during the first quarter of 2020.

The volumes reached over $154 billion in the quarter – a 61% increase over the previous quarter figure of $96 billion, according to research conducted by The Block's Steven Zheng.

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The quarterly average price of bitcoin, however, increased only about 4% on a quarter-on-quarter basis.

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.

To read the full analysis 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 The Block Research.

About Author

Yogita Khatri is a senior reporter at The Block, covering all things crypto. As one of the earliest team members, Yogita has played a pivotal role in breaking numerous stories, exclusives and scoops. With nearly 3,000 articles under her belt, Yogita holds the records as The Block's most-published and most-read author of all time. Prior to joining The Block, Yogita worked at crypto publication CoinDesk and The Economic Times, where she wrote on personal finance. To contact her, email: [email protected]. For her latest work, follow her on X @Yogita_Khatri5.