Trading volumes on major cryptocurrency exchanges hit a daily record of over US$68 billion on Jan 4, which highlight the trading frenzy that has accompanied major digital currency bitcoin's charge to an all-time high.
Research showed that bitcoin hit a record high US$34,800 on Jan 3, building on a 2020 rally that saw it more than quadruple as bigger U.S. investors jumped into the market. It then fell sharply the following day amid volatility in highly leveraged futures markets, before recovering losses.
The second-biggest cryptocurrency, ethereum, which tends to trade in tandem with bitcoin, also on Jan 4 hit its highest level since January 2018, touching US$1,170.
Overall daily trading volumes in cryptocurrencies hit US$68.3 billion, the data from UK research firm CryptoCompare showed on Jan 5. Daily volumes had averaged US$13.1 billion in 2020, the data showed.
Bitcoin's record high came less than three weeks after it crossed US$20,000 for the first time on Dec. 16.