The activity of traders in the spot market has been increasing since the beginning of January

Over the past few weeks, the activity of investors in the spot market has increased, according to a report by Arcane Research. Last week, the average daily volume of bitcoin transactions on major exchanges reached $10 billion.

Analysts note that the market had favorable conditions for the growth of trading. The BTC rate has been strengthening since the beginning of January. Its value has increased by about 40% in a month. The users of the largest Binance platform showed the greatest activity.

The Federal Reserve’s rate hike hasn’t had a negative impact on bitcoin so far. On the night of Thursday, February 2, the digital currency rose to $23,442.

Ether (ETH) is also strengthening, with the largest altcoin jumping 2.32% to $1,624.

According to analysts, Bitcoin will be able to break above $24,000 this week and even approach $25,000.

For growth to continue, it is necessary to increase support for BTC from the stock market. Otherwise, the fall will not be avoided if traders start selling IT shares after the Fed raises the rate.

If bitcoin’s support around $23,000 doesn’t work, then it can claim stronger support at $22,500.

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