• Advertise
  • Submit a Press Release
NewsBTC
Bitcoin & cryptocurrency news today, price & technical analysis
Price & Market
Cap Data from
Nomics Logo
  • News
    • Bitcoin
    • Ethereum
    • Ripple
    • Cardano
    • Tezos
    • EOS
    • Chainlink
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Education
    • What is Bitcoin?
    • Accepting Bitcoin payments
    • Using Bitcoin
    • What is Bitcoin Mining
    • How to Trade Bitcoin
    • How to Buy Bitcoin
    • Digital Currency Exchange
    • Proof of Existence
    • Is Bitcoin legal?
    • Bitcoin Books
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • TradeeToro
  • Gamble +Try
  • Play GamesTry
  • BUY BITCOINTry
No Result
View All Result
  • News
    • Bitcoin
    • Ethereum
    • Ripple
    • Cardano
    • Tezos
    • EOS
    • Chainlink
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Education
    • What is Bitcoin?
    • Accepting Bitcoin payments
    • Using Bitcoin
    • What is Bitcoin Mining
    • How to Trade Bitcoin
    • How to Buy Bitcoin
    • Digital Currency Exchange
    • Proof of Existence
    • Is Bitcoin legal?
    • Bitcoin Books
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • TradeeToro
  • Gamble +Try
  • Play GamesTry
  • BUY BITCOINTry
No Result
View All Result
NewsBTC
No Result
View All Result
Price & Market
Cap Data from
Nomics Logo
Home Cryptocurrency news Bitcoin

Bitcoin Average Daily Trading Volume Reaches New High Since 2018

Davit Babayan by Davit Babayan
2 years ago
in Bitcoin, Cryptocurrency news, Technical analysis
Reading Time: 2min read
Bitcoin Average Daily Trading Volume Reaches New High Since 2018
Advertisement
Nexo Logo
Listen to Article

Average daily trading volume of the world’s largest cryptocurrency Bitcoin has reached its fresh highs since April, 2018.

Independent crypto data researcher Kevin Rooke brought the community’s attention to bitcoin volume via his Saturday tweet. The analyst revealed that traders, in March, changed hands for/to the cryptocurrency to the extent of approx $10 billion. In comparison, those numbers were as low as $6.25 billion in November 2018, the month in which bitcoin price plunged 35 percent owing to the Bitcoin Cash hard fork fiasco.

Bitcoin Volume Since March 2018 | Source: Kevin Rooke

Through the Crypto Crash

In retrospective, the early 2018 drop in the cryptocurrency market didn’t just wipe off valuations but traders as well. Following the crash, lesser investors were entering the crypto market, including bitcoin. That was visible in the lower trading volumes between June 2018 and October 2018. Between that period, bitcoin managed to secure a stable support level near $6,000, even though the price formed lower highs on each bounce back action. In November 2018, Bitcoin broke the $6,000-support and eventually established a new bottom near $3,100 in December 2018.

5 BTC + 300 Free Spins for new players & 15 BTC + 35.000 Free Spins every month, only at mBitcasino. Play Now!

The downside price action erred potential investors, indeed. Between November 2018 and January 2019, the average bitcoin trading volume was almost the same, showing poor traders’ presence in the market. However, in February, the numbers jumped to near $7 billion. And in March, they surpassed even the February’s impressive recovery.

“Bitcoin’s daily exchange volume is booming,” noted Rooke. “Volume has increased [approximately] 150 percent in the last five months. Average daily volume hasn’t been this high since January 2018. Only 9 days in the last [twelve] months had $10 billion-plus in volume – five of those days have been in March 2019.”

https://twitter.com/kerooke/status/1106974342175297536

Reviving Investors’ Presence

Volumes do not specifically signify a market’s bullish or bearish bias. But they do behave as indicators to confirm investors’ presence. Bitcoin has been a thinly-traded market despite its long-term bullish potentials. The 2018 crash didn’t do it any good. Negative media reports, followed by the world’s leading economists’ dismissive views, didn’t help to revive the bitcoin trading sentiment for most of the year. As a result, the cryptocurrency’s volume remained lower than it used to be.

However, since December 2018, bitcoin has attempted to fight its way back to the bullish zone. The digital asset’s rate against the US dollar recovered 18.23-percent since its so-called bottom formation at $3,100, according to data available at OnChainFx.com. Interestingly, the rise in bitcoin’s daily trading volume happened at the same time. That explained that more investors came inside the bitcoin market when it showed signs of recovery in January, which ultimately led to a volume surge in February and March.

Nevertheless, bitcoin exchanges continue to receive criticism for allegedly inflating their trading volumes artificially. A report published by Blockchain Transparency Institute revealed that most of bitcoin’s reported volume of CoinMarketCap.com was 99 percent fake.

“Over 80% of the CMC top 25 BTC pairs volume is wash traded,” the institute wrote. “These exchanges continue to use these strategies as a business model to steal money from aspiring token projects.”

If this is true, then it could pose a massive challenge for bulls to prove bitcoin’s long term bullish perspectives.

Tags: bitcoin
TweetShare112
BitStarz Player Lands $2,459,124 Record Win! Could you be next big winner? Win up to $1,000,000 in One Spin at CryptoSlots
Davit Babayan

Davit Babayan

Davit Babayan is an Armenia-based expat balancing the academic life of a software design engineer with the experiences of a financial technology journalist. He aspires to be a full-time columnist and wants to write a book that would be called, "A Homeless Who Found Bitcoin."

Related Posts

RAMP DeFi Leads The Liquid Staking Race, Opening Ethereum-Based DeFi to Staked Liquidity From Other Blockchains

RAMP DeFi Leads The Liquid Staking Race, Opening Ethereum-Based DeFi to Staked Liquidity From Other Blockchains

42 mins ago
Bitcoin

Bitcoin Struggles Below $38K, Why BTC Could Dive To $32K

3 hours ago
Ethereum

Ethereum is On the Brink of Setting Fresh All-Time Highs as Bulls Take Control

9 hours ago
router

Emerging DeFi Project Router Protocol Raises Seed Funding, To Launch Cross-Chain Farming Soon

18 hours ago

Why This Analyst Expects Bitcoin Price Consolidation After the Recent 15% Drop

1 day ago
bitcoin altcoins caution

Proper Altcoin Season While Bitcoin Drops Has Traders “Cautious”

1 day ago

Premium Partners

Top Brokers

eToro

eToro

Review · Visit
Changelly

Changelly

Review · Visit
Evolve Markets

Evolve Markets

Review · Visit
ArbiSmart

ArbiSmart

Review · Visit
PrimeXBT

PrimeXBT

Review · Visit
Moneta Markets

Moneta Markets

Review · Visit

Top Casinos

BitStarz

BitStarz

Review · Visit
CryptoSlots

CryptoSlots

Review · Visit
mBit

mBit

Review · Visit
CryptoGames

CryptoGames

Review · Visit
Bonusfinder DE

Bonusfinder DE

Review · Visit
Bspin

Bspin

Review · Visit
Wolf Bet

Wolf Bet

Review · Visit

Top Sportsbooks

1xBit

1xBit

Review · Visit

Press Releases

Introducing ethrift.io Non-Custodial FIAT Ethereum Gateway

January 16, 2021

SV-based Taraxa Revolutionizes Legacy Data Auditing With Mathematically Provable Audit Trails

January 15, 2021

Kickoff Your DeFi Journey With YOYO FINANCE – Their Token Sale Is Live

January 14, 2021

Newsletter Signup


ABOUT US

NewsBTC is a cryptocurrency news service that covers bitcoin news today, technical analysis & forecasts for bitcoin price and other altcoins. Here at NewsBTC, we are dedicated to enlightening everyone about bitcoin and other cryptocurrencies.

We cover BTC news related to bitcoin exchanges, bitcoin mining and price forecasts for various cryptocurrencies.

COMPANY

  • Advertising
  • Comments Policy
  • Privacy Center
  • Sitemap
  • About Us
  • Contact

Technical Analysis

  • Bitcoin (BTC)
  • Ethereum (ETH)
  • Ripple (XRP)
  • Chainlink (LINK)
  • Cardano (ADA)
  • Tezos (XTZ)

LINKS

Auto Trading Software ▸

Cryptocurrency news

  • Bitcoin
  • Ethereum
  • Ripple
  • Chainlink
  • Cardano
  • EOS
  • Tezos

© 2020 NewsBTC. All Rights Reserved.

  • News
    • Bitcoin
    • Ethereum
    • Ripple
    • Cardano
    • Tezos
    • EOS
    • Chainlink
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Education
    • What is Bitcoin?
    • Accepting Bitcoin payments
    • Using Bitcoin
    • What is Bitcoin Mining
    • How to Trade Bitcoin
    • How to Buy Bitcoin
    • Digital Currency Exchange
    • Proof of Existence
    • Is Bitcoin legal?
    • Bitcoin Books
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Trade
  • Gamble +
  • Play Games
  • BUY BITCOIN

© 2020 NewsBTC. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.