Since April 2018, the average daily trading volume of the world's largest Bitcoin crypto competition has reached new highs.
Daily trading volume of Bitcoin reaches new highs since 2018
Bitcoin volume was announced by independent researcher for crypto data Kevin Rooke on his Saturday tweet in the community. As the analyst noted, traders' hands moved in and around cryptocurrency in March at approx. $ 10 billion These values only stood at $ 6.25 billion in November 2018, while the month Bitcoin's price dropped 35 percent over the Bitcoin Cash Hard-Fork failure.
The crossing of the crypto course market in early 2018 has subsequently destroyed not only assessments but also traders. After the crisis, smaller investors entered the crypto market, including Bitcoin. This was reflected in lower trading volumes in the period from June 2018 to October 2018. During this period, Bitcoin achieved a stable support level of $ 6,000, with lower levels at each setback. At the end of November 2018, Bitcoin broke through $ 6,000 to support and joined December 2018 to $ 3,100.
The fall in prices has in fact led to a mistake among potential investors. From November 2018 to January 2019, the average Bitcoin trading volume was almost at the same level, indicating the poor presence of retailers in the market. However, the figures rose in February to nearly $ 7 billion. As early as March, they even surpassed the impressive upward movement in February.
"The daily trading volume of bitcoins is flourishing," Rooke said. "Volume has been up for the last five months[ca.] 150 percent increase. The average daily volume has not been so high since January 2018. Only 9 days in the last[zwölf] Months had an amount of $ 10 billion plus – five of those days were in March 2019. "
Revive the presence of investors
The volume does not in any way indicate the bullish or bearish orientation of a market. But they act as indicators to show investors' presence in the market. Although Bitcoin has a positive long-term potential, it was a weak market. The crash in 2018 brought it no longer. The negative media reports and dismissive views of the world's leading economists have not contributed to increasing the mood of Bitcoin trading for much of the year. As a result, the volume of cryptocurrency was below the previous level.
Nevertheless, Bitcoin exchanges continue to be criticized as they have apparently artificially inflated the trading volume. A report from the Blockchain Transparency Institute showed that most of CoinMarketCap.com, which included Bitcoin, was 99 percent false.
The institute writes:
"More than 80% of CMC Top 25 BTC pairs are traded in Wash Trading". "These exchanges continue to use these strategies as a business model to steal money from new token projects."