In the beginning of 2024, Bitcoin saw a big increase in the amount of trading happening. This rise in activity was similar to what was seen in 2021. A report from Kaiko, which looks at crypto data, showed that the first three months of 2024 were really good for Bitcoin. The report said that Bitcoin had over $1.4 trillion in transactions from January to March 2024.

During the first part of 2024, Bitcoin had its best time in the last year. The $1.4 trillion traded during this time was the most in over two years. This was a big jump from the $674 billion traded in the last three months of 2023. The last time Bitcoin had such high transaction volumes was in 2021. During those times, the network dealt with over $1.93 trillion and $2.16 trillion in transactions. There was also a similar amount in the last part of 2021, with $1.37 trillion in transactions.

According to Kaiko, the increase in how much was traded each quarter shows that more people are getting involved in the market. This time last year, the highest volume was $1.1 trillion in the first three months, after the market came out of a bad time. So, this recent increase is a big deal. Big exchanges like OKX and Bybit saw a lot more trading happening, while smaller ones in Asia like Bithumb and Korbit also saw a big jump in trading.

One of the big reasons Bitcoin did so well in the last quarter was because of the introduction of spot Bitcoin exchange-traded funds (ETFs) in the US. These ETFs were really popular and made Bitcoin's price go up by 64% by the end of the quarter. This was the third-best time for Bitcoin in the last three years. The best time for Bitcoin was the first part of 2021, when its value went up by 101%. The second-best time was the first part of 2023, with a 71% increase. Also, during the first three months of 2024, the connection between Bitcoin and other cryptocurrencies dropped a lot. Kaiko said this happened because other cryptocurrencies were trying to get more people to trade them, while Bitcoin was getting a lot of attention because of the new ETFs.

In conclusion, Bitcoin saw a huge increase in trading volume in the early part of 2024. This increase was similar to what happened in 2021. The introduction of spot Bitcoin exchange-traded funds in the US was a big reason for Bitcoin's success. This led to a 64% increase in Bitcoin's value by the end of the quarter, making it the third-best quarter for Bitcoin in the last three years.