Bitcoin trade volume in the second quarter of 2022 was 1.5 times lower than in Q2 2021 due to the slump in cryptocurrency prices. The reduction in daily trading volumes was because of the entire crypto market’s negative trend, mainly caused by investors’ declining interest in Bitcoin.
Data from data.bitcoinity.org shows that in June 2021, trading volumes at the biggest exchanges decreased by more than 40%. Compared to a within-month spike in May, the highest daily volume of BTC on June 22 was down 42.3% at $138.2 billion.
However, approximately $2.84 trillion worth of transactions were made during the second quarter of 2022, according to data.bitcoinity.org. So the trade volume, which was $5.01 trillion in the second quarter of 2021, decreased by 43.31% in Q2 2022.
About $6.02 trillion in trade volume was calculated between the first quarter of 2021, which fell by 60% in first quarter of 2022, resulting in a staggering loss of $3.6 trillion. And quarter two resulted in a loss of $2.17 trillion.
Bitcoin quarter 2 price outlook from 2021 to 2022
The market capitalization of Bitcoin hit a record high in April 2021 and had increased by more than $1,000 billion. But since then, the market capitalization has continued to decrease, reaching about $600 billion in June 202, as per the data of CoinMarketCap.
As a result of a colossal increase in interest in cryptocurrencies among the general public in 2021, the value of Bitcoin doubled at the beginning of 2022. As per Yahoo statistics, the opening price for BTC in 2022 was $47,827. But, before the second month of 2022, it lost almost all its gains of the previous year, falling to a low of $33,184 on January 24.
Bitcoin’s second quarter began at $45,554.16, to a high of $47,313.48 on April 3, fell to a low of $17,708 on June 17, and ended the quarter at $19,784 in value. Between BTC’s starting and closing prices, there is a 56% decline in value.
Similar to this, there is a 40% decrease in price between the beginning and closure of Q2 2021. Beginning at $58,926 and ending at $35,040 were the pricing ranges.
Therefore one of the worst monthly price performances in the history of Bitcoin occurred in the month of June when the price of BTC fell by approximately 38%.
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