- A report from Kaiko shows that the trading volume of BTC by US investors increased significantly by 44% in June compared to January data.
- This explains why altcoins did not experience the same level of growth despite Bitcoin’s impressive rally.
- Bitcoin bulls are now setting their sights on the $30,000 level after adding $2,000 in the past 48 hours.
Bitcoin price stabilizes above $29,000; Bitcoin volume in the US is increasing.
Bitcoin Trading Volume in the US Rises by 44%
The trading volume of US investors dropped to a low level of 29% in January, and uncertain regulatory headwinds did not help investor sentiment. However, this quickly changed as US investors took advantage of the low prices when BTC fell below the $25,000 resistance level last week.
A report from Kaiko shows that the trading volume of BTC by US investors increased significantly by 44% in June compared to January data. This change in Bitcoin trading volume indicates that investors are turning back to BTC and leaving altcoins behind.
This explains why altcoins did not experience the same level of growth despite Bitcoin’s impressive rally. Therefore, it is safe to say that this rally will likely focus on BTC and there is more potential for further growth from here.
A movement towards BTC compared to altcoins indicates a lower risk appetite among crypto investors. While altcoins may offer higher profit opportunities, they also carry higher risk of loss. Therefore, investors prefer Bitcoin to avoid taking too much risk as the bull market resumes.
BTC Stabilizes Above $29,000
Bitcoin bulls are now setting their sights on the $30,000 level after adding $2,000 in the past 48 hours. This recovery indicates that it could be the beginning of another rally similar to the 100% increase seen in the first quarter of 2023.
If this happens, $40,000 could serve as a protected stopping point for the BTC price. At this point, it is still unanswered whether this rally will also spread to altcoins as the majority of the new volume is currently focused on Bitcoin.
Nevertheless, a rise to $40,000 could be a positive development for the BTC market and trigger a major bull rally that started a year earlier than expected.
At the time of writing, BTC is showing a gain of over 8% in the past 24 hours, surpassing $29,280. The cryptocurrency is performing even better on the 7-day chart with an 11% increase, pushing its total market value above $561 billion.
