Trading activity on Bitcoin (BTC) exchanges spiked massively even as the BTC price was suffering a major correction. According to data from crypto research firm Messari, Bitcoin’s real 24-hour trading volume is about $22.3 billion.
To put this figure in context, Cointelegraph previously reported Bitcoin’s real seven-day trading volume setting a new all-time high of $60 billion. In only one day, exchanges have processed over a third of that sum likely pointing to a new all-time high by the end of the week if the current momentum is sustained.
Despite suffering service disruptions amid the price decline, Coinbase recorded about $3.5 billion in trading volume according to data from crypto analytics provider Skew. In total, Coinbase processed over $9.5 billion in crypto trades on Monday, an all-time high for the exchange.
Given the swift bounce for Bitcoin from $31,000 to the $35,000 price mark, it is evident that a significant proportion of the trading activity was driven by the BTC buying opportunity below the recent price high.