A recent analysis by Santiment reveals that the weekly bitcoin trading volumes in 2020 were significantly higher than those of 2017.
😮📊 Comparing the past decade of #Bitcoin's address activity, volume, and social discussion rate really puts into perspective how far we've come. The largest week of volume in 2020 ($60.2B) completely dwarfs the highest spike in the 2017 bull run ($22.1B) https://t.co/eo6QKEK4mc pic.twitter.com/D0Fk4cp1I5
— Santiment (@santimentfeed) November 12, 2020
In fact, although at the end of 2017 there was the biggest speculative bubble ever seen on the price of bitcoin, which took it to an all-time high of about $20,000 on December 17th, the maximum weekly trading volume at that time was about $22 billion.
As Santiment’s analysis shows, the week of April 23rd, 2020 recorded a volume almost three times higher, about $60 billion.
That was the week of the big rebound after the mid-March crash, when the price rose from $6,800 to $8,700.
During 2020 there were at least four other peaks in weekly trading volume higher than in 2017: in the week of February 20th, in that of mid-March, in that of September 24th and in that of January 9th.
In other words, 2020 is literally outperforming 2017 in terms of BTC trading volumes.
Santiment’s analysis, however, also takes as reference two other parameters, namely the number of active addresses and the volume of activity on social networks directly connected to Bitcoin.
As far as the number of active addresses per week is concerned, the two maximum peaks recorded during the 2017 bubble, i.e. in mid-December and at the beginning of January 2018, with over 1.1 million active bitcoin addresses, are still being maintained, although during 2020 the number of active addresses exceeded one million in two weeks, i.e. on July 23rd and August 6th.
Therefore, although no new records have been recorded, current levels are approaching their all-time highs.
With regard to the volume of activity on social networks, Santiment has no data prior to November 2018, so it is not possible to make comparisons with 2017.
It must be said, however, that during 2020 there were three peaks, one in mid-March, one in the week of the May 11th halving, and one in the week of July 23rd.
According to Santiment, these figures “put into perspective” how far Bitcoin has come in the last ten years, i.e. since it landed on the markets. In particular, the trading volumes in 2020, which are so much higher even than those of the resounding speculative bubble at the end of 2017, reveal how much the markets themselves are now turning to this new financial asset.