Bitcoin‘s (CRYPTO: BTC) strong performance in the past year can be credited to a surge in spot trading volume and exchange activity. What Happened: A new report by on-chain analytics firm Glassnode discusses how daily spot trade volumes peaked at around $14.1 billion in mid-March. That was when the market reached an all-time high of $73,000. This magnitude of spot trade volume is comparable to the 2020-2021 bull market. However, volumes have cooled down recently to around $7 billion per day. Technical analysis shows that, similar to the 2021 bull run, strong demand in spot markets is driving p…