According to the latest Coingecko report, during the second quarter (Q2) of 2023, the U.S. dollar value of BTC grew by nearly 7% while that of the entire crypto market capitalization only went up by 0.14%. In contrast, BTC’s average daily trading volume during the period fell by 58.7% from the $33.4 billion seen in Q1 to $13.8 billion.
Effect of Blackrock’s Bitcoin ETF Filing Announcement
During the second quarter of 2023, the fiat price of bitcoin (BTC) grew from $28,517 to $30,481, a gain of 6.9%, data from the latest Coingecko Crypto Industry Report has shown. The top crypto asset’s Q2 gain dwarfs the entire crypto market’s marginal growth of 0.14%. According to the industry report, the June 15 announcement by giant asset management Blackrock that it had filed a spot bitcoin exchange-traded fund (ETF) was a key factor behind BTC’s surge.
However, despite trending upward for much of that quarter, the crypto asset’s traded volumes in U.S. dollar terms were significantly l
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