Bitcoin Trust Fund GBTC’s Daily Trading Volume Hits New High in March 2021: Report

According to reports, according to The Block Pro data, the daily trading volume of the grayscale Bitcoin Trust Fund GBTC increased by 67.6% in March to $55 million, setting a new high since December 2022. In addition, after the adjustment in March, the total transaction volume on the Bitcoin and Ethereum chains increased by 48.8% to $255 billion, of which the transaction volume on the Bitcoin chain increased by 48.3% and the transaction volume on the Ethereum chain increased by 62.7%.

The daily average trading volume of grayscale GBTC in March rose to $55 million, reaching a new high since December 2022.

Introduction

According to a recent report, it has been found that the Grayscale Bitcoin Trust Fund GBTC’s daily trading volume increased by 67.6% in March to $55 million, resulting in a new high since December 2020. Additionally, the report also mentions that there has been a hike in the total transaction volume on the Bitcoin and Ethereum chains by 48.8% to $255 billion, with the transaction volume on the Bitcoin chain increased by 48.3% and the transaction volume on the Ethereum chain increased by 62.7%.

What is the Grayscale Bitcoin Trust Fund?

The Grayscale Bitcoin Trust Fund or GBTC is an investment fund that allows investors to invest in Bitcoin without having to go through the hassle of holding or securing the actual cryptocurrency. GBTC, launched in 2013, is one of the first cryptocurrency investment funds that has made it possible for people to invest in Bitcoin through traditional investment channels.

Daily Trading Volume of GBTC

As per The Block Pro data, the daily trading volume of GBTC increased by 67.6% in March to $55 million, which is a new high since December 2020. This surge in GBTC’s daily trading volume indicates the increasing interest of investors in Bitcoin as a long-term investment option.

Rise in Total Transaction Volume on Bitcoin and Ethereum Chains

The report also stated that after the adjustment in March, the total transaction volume on the Bitcoin and Ethereum chains increased by 48.8% to $255 billion. This indicates that cryptocurrencies are gaining popularity and becoming more widely accepted as a mode of payment, especially in the wake of the pandemic.

Bitcoin Chain Transaction Volume

The transaction volume on the Bitcoin chain increased by 48.3% in March, reaching $185 billion. Bitcoin’s growing acceptance as a long-term investment asset and a mode of payment has contributed to this growth.

Ethereum Chain Transaction Volume

The Ethereum chain also saw a surge in transaction volume. The transaction volume on the Ethereum chain increased by 62.7% in March, amounting to $72 billion. The increasing demand for smart contracts and decentralized applications has contributed to the rise in Ethereum’s value.

Conclusion

The rise in the daily trading volume of GBTC and the increasing transaction volume on the Bitcoin and Ethereum chains indicate that cryptocurrencies are becoming increasingly popular as a means of investment and payment. This growth in the cryptocurrency market is expected to continue in the coming years, making it an attractive investment option for people looking for long-term growth potential.

FAQs

Q1. What is GBTC?
A1. The Grayscale Bitcoin Trust Fund or GBTC is an investment fund that allows investors to invest in Bitcoin without holding or securing the actual cryptocurrency.
Q2. What does the surge in GBTC’s daily trading volume indicate?
A2. The surge in GBTC’s daily trading volume indicates the increasing interest of investors in Bitcoin as a long-term investment option.
Q3. What has contributed to the rise in Ethereum’s value?
A3. The increasing demand for smart contracts and decentralized applications has contributed to the rise in Ethereum’s value.