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Bitcoin trading volume on exchanges grew 61 percent in Q1 compared to previous quarter

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Bitcoin trading volumes across The Block 22 exchanges saw a significant uptick during the first quarter of 2020.

The volumes reached over $154 billion in the quarter – a 61% increase over the previous quarter figure of $96 billion, according to research conducted by The Block's Steven Zheng.

The quarterly average price of bitcoin, however, increased only about 4% on a quarter-on-quarter basis.

Despite an increase in trading volumes, the value transacted on the bitcoin network saw a relatively minor rise of 11% in Q1 2020 when compared to the previous quarter. During the first quarter, users transacted over $178 billion in BTC, at an average of $1.98 billion a day.

To read the full analysis which covers SegWit transactions and statistics for the Lightning network during 2020's first quarter, as well as more such data-driven stories, subscribe to The Block Research.