Bitcoin Hits Record Trading Volume Amid Surge in Retail Demand

itcoin has reached a new milestone, setting an all-time high for trading volume as the price of the world’s largest cryptocurrency spiked to a new record of $89,956 on November 12. According to a report from Matrixport, Bitcoin’s trading volume surged past $145 billion in the past 24 hours, surpassing previous highs by approximately 50%, with even further gains observed as the day progressed—briefly exceeding $170 billion according to data from Coingecko.

This unprecedented surge in Bitcoin’s trading volume is largely attributed to growing retail investor interest, particularly after the recent U.S. presidential election. With Donald Trump securing victory, his promises to create a more crypto-friendly environment have sparked optimism among Bitcoin investors. Trump’s commitment to making the U.S. the “crypto capital of the planet” and establishing a Strategic Bitcoin Reserve, along with plans to replace SEC Chair Gary Gensler, have all been seen as strong bullish catalysts by the crypto community.

Rising Retail Interest and Bitcoin ETFs

The increasing interest in Bitcoin is also reflected in a dramatic rise in Google searches for the cryptocurrency, which reached the highest level in five years, jumping by 78%. The surge in retail demand has coincided with a notable uptick in the popularity of spot Bitcoin ETFs, which have seen inflows of over $4.2 billion since Trump’s election victory. This increase in institutional interest has further bolstered Bitcoin’s rally, propelling the cryptocurrency to its new all-time high.

Matrixport’s analysts noted that historically, retail trading activity tends to persist for weeks or even months during market upswings, suggesting that Bitcoin’s bullish momentum could continue in the near term.

Market Correction and Optimistic Projections

As of the latest update, Bitcoin’s price had corrected slightly, down 2.61% from its all-time high. However, many Bitcoin supporters, including prominent figures like Michael Saylor and Arthur Hayes, remain optimistic about the future price trajectory. With continued bullish sentiment in the market, analysts have set ambitious price targets for the cryptocurrency, with some projecting that Bitcoin could surpass $100,000 in the coming months.

In fact, analysts from Bernstein are confident in their price target of $200,000, driven by a favorable regulatory environment under Trump’s leadership and a more crypto-friendly stance from the U.S. Securities and Exchange Commission (SEC). Meanwhile, some traders on X (formerly Twitter) have highlighted the possibility of a bullish pennant pattern forming on Bitcoin’s four-hour chart, suggesting a potential short-term target of $103,000.

Global Forecasts for Bitcoin

In addition to these predictions, banking giant Standard Chartered has forecasted that Bitcoin could reach $125,000 by January 2025. However, some analysts, such as the pseudonymous Rekt Capital, believe that Bitcoin’s price could undergo further corrections before its next rally. Rekt Capital suggests that Bitcoin has only realized around 50% of its potential gains for this bull cycle, with the peak expected around October of next year.

In the face of volatility, Bitcoin proponents continue to point to long-term growth, buoyed by increasing institutional adoption and favorable political conditions. With the potential for continued growth, Bitcoin’s market outlook remains strong as it navigates the evolving crypto landscape.