Bitcoin Trading Volume Hits Record High Amid Surging Retail Demand

Bitcoin, the world’s leading cryptocurrency, has seen an unprecedented surge in trading volume, setting new records as it reached an all-time high price of $89,956 on November 12. Matrixport data shows that Bitcoin’s trading volume exceeded $145 billion in a 24-hour period, up by 50% from previous peaks observed earlier this year in August and March.

In the late trading hours, Bitcoin’s volume briefly crossed $170 billion, according to Coingecko. This heightened activity is largely attributed to a renewed wave of retail investor interest, spurred by Donald Trump’s recent win in the U.S. presidential election. Trump’s promise to cultivate a “crypto capital” within the U.S., establish a Strategic Bitcoin Reserve, and replace SEC Chair Gary Gensler has been widely viewed as a bullish shift for the cryptocurrency sector.

Additionally, Google searches for “Bitcoin” have spiked, hitting a five-year high with a 78% increase, underscoring growing public interest in the cryptocurrency. Spot Bitcoin ETFs have also seen significant inflows following Trump’s victory, attracting over $4.2 billion, further fueling Bitcoin’s rally to record levels.

According to Matrixport, retail trading surges like these often sustain bullish momentum for weeks, or even months, during positive market trends. Bitcoin’s upward trajectory is likely to continue, although it is currently experiencing a slight correction, down 2.61% from its all-time high.

Notable crypto advocates, including Michael Saylor and Arthur Hayes, maintain a bullish outlook, projecting Bitcoin could reach $100,000 and beyond. Analysts at Bernstein have reaffirmed their $200,000 target, anticipating supportive regulatory policies under Trump’s administration and a pro-crypto stance at the SEC.

On social platform X, one crypto analyst noted the formation of a bullish pennant pattern on Bitcoin’s four-hour chart, suggesting a potential near-term price target of $103,000. Standard Chartered also projects BTC to reach $125,000 by early 2025. However, Rekt Capital, a widely followed analyst, anticipates a further short-term correction, projecting Bitcoin to hit its cycle peak around October next year.

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