Santiment data: Bitcoin is currently outperforming the 2017 bull run in terms of volume performance

A recent analysis by crypto data site Santiment shows that weekly Bitcoin trading volumes in 2020 are significantly higher than levels seen during the 2017 bull run.

Santiment compares Bitcoin’s address activity, volume, and social discussion rates over the past decade to really see how far we’ve come. The highest transaction volume in 2020 ($60 billion) completely dwarfs the highest peak of the 2017 bull run ($22 billion)

In fact, despite the fact that at the end of 2017, when the price of Bitcoin saw its biggest speculative bubble, pushing the price of Bitcoin to an all-time high of around $20,000 on December 17, the maximum weekly trading volume at that time was around $22 billion.

As Santiment’s analysis shows, trading volume nearly tripled to around $60 billion during the week of April 23, 2020. That was the week of the big rebound after the mid-March crash, when prices rose from $6,800 to $8,700.

During 2020, weekly trading volume has been higher than in 2017 on at least four peaks: February 20, mid-March, September 24, and January 9. In other words, 2020 has actually been better than 2017 in terms of overall trading volume in the Bitcoin market.

However, Santiment’s analysis also takes into account two other parameters, namely the number of active addresses and the volume of activity on social networks directly connected to Bitcoin.

In terms of the number of active addresses per week, the two largest peaks recorded during the 2017 bubble (i.e., mid-December and early January 2018 ) still hold the record of over 1.1 million active Bitcoin addresses, although in 2020, the number of active addresses exceeded 1 million in two weeks (i.e., on July 23 and August 6).

So, while there are no new records, current levels are approaching all-time highs.

Regarding the volume of activity on the social network, Santiment has no data before November 2018, so a comparison with 2017 is not possible.

But it must be said that during 2020, three peaks occurred, one in mid-March, one in the week of the halving on May 11th, and another in the week of July 23rd.

According to Santiment , these figures “ put into perspective” the development trends of the past decade, that is, since Bitcoin landed on the market. In particular, the trading volume in 2020 is much higher than even the speculative bubble at the end of 2017, which shows that the market is now turning to this new financial asset.