Bitcoin’s Rollercoaster Year: A 29% Gain From August 2022 to 2023 Despite Recent Dips

Over the past 30 days, bitcoin has dipped by 5%, yet the leading cryptocurrency has seen a gain of 29.05% from August 3, 2022 to August 3, 2023. Moreover, BTC’s value in 2023 alone has surged more than 75% against the U.S. dollar, standing at $5,800 above the crypto asset’s mean average price of $23,317 per unit during the past 12 months.

Year-Long Overview: Bitcoin’s Daily Trade Volumes Peak at $118 Billion, 12-Month Mean at $24 Billion

Bitcoin’s value has recently dipped below the $30K mark, a level it achieved not long ago, but its 12-month performance against the U.S. dollar has been robust. On August 3, 2022, a single bitcoin (BTC) was trading at $22,846, and closing prices from the corresponding day in 2023 revealed a rise of more than 29%.

Within that period, bitcoin plummeted to a low of $15,599 per unit shortly after FTX collapsed on November 21, 2022, only to rebound impressively. It recently touched $31,814 on July 13, 2023, marking its highest price in a year’s time.

Within the range of $15,599 to $31,814.52 per BTC, the mean average price of this asset from August 3, 2022, to August 3, 2023, settled at $23,317 per coin. On August 3, 2023, the daily global BTC trade volume reached $12.78 billion.

Over the past year, the lowest daily trade volume was $6.48 billion, which occurred just recently on July 29, 2023, while the peak was $118.99 billion on November 8, 2022. Present daily trade volumes languish below the 12-month daily mean average, which stands at $24.18 billion.

In a more focused view, the daily mean average for BTC trade volume over the past two months was $14.26 billion; over six months, it was $18.77 billion; and the nine-month daily average rests at approximately $21.30 billion.

Additionally, bitcoin’s dominance — a measure of BTC’s market capitalization within the entire $1.17 trillion crypto economy — has notably risen since last year. Back in August 2022, BTC’s dominance was coasting along at 40.34%; as of August 3, 2023, it has surged to 48.7%.

With bitcoin below the $30K threshold, its closing value on August 3, 2023, settled at $29,191 per coin. This figure is 2.42% less than the month’s mean average, which stood at $29,917 per unit.

From June 3, 2023 to August 3, 2023, bitcoin’s (BTC) mean average price stood at $29,010, while the six-month average — from February 3, 2023 to August 3, 2023 — was $27,224 per coin.

Looking further back, the digital currency’s average price over the past eight months, from December 3, 2022 to August 3, 2023, measured $25,086, with the nine-month average settling at $24,243 per BTC.

What do you think about bitcoin’s price performance and trade volumes over the past year? Share your thoughts and opinions about this subject in the comments section below.