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Home Cryptocurrency news

Bitcoin and Ethereum Trading Volume Reaches Crypto Bull Run Peak Levels

Tony Spilotro by Tony Spilotro
2 years ago
in Cryptocurrency news, Bitcoin, Ethereum
Reading Time: 3min read
Bitcoin and Ethereum Trading Volume Reaches Crypto Bull Run Peak Levels
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At the start of April, Bitcoin rallied nearly $1,000 in a matter of a little more than an hour. The powerful movement was enough to drag the entire crypto market with it, including the likes of Ethereum, Ripple, and Litecoin.

The rally, which many believe confirm that the bear market bottom is now in due to the first ever cryptocurrency painting a higher high on price charts, saw so much trading volume across Bitcoin and Ethereum, that volume reached levels not witnessed since the peak of the last cryptocurrency bull market.

Is The Bull Run Back? Bitcoin and Ethereum Trading Volume Revisit 2017 Levels

Ever since Bitcoin’s parabolic advance was broken at the tail end of 2017, its all-time high of $20,000 has become a distant memory, and bullish sentiment and general interest has all but left the crypto market. As less investors and traders flocked to the crypto space, trading volumes across top crypto projects has diminished significantly.

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Related Reading | Crypto Analyst: Higher High In Bitcoin Price Confirms Bear Market Bottom Is In 

Trading volumes often drop during period of indecision, but volume can also drop as trends begin to lose their steam. It’s not until a major movement occurs, that volumes begin spiking again, often confirming a trend continuation or reversal, depending on which direction the movement goes.

Throughout the 2018-2019 bear market, volume has continually diminished. It began to ramp up during the fall through $6,000, but quickly dropped back to the low levels.

Following the longest bear market for Bitcoin on record, a major trend change occurred during last week’s rally, that took Bitcoin price from resistance at $4,200 to $5,200 in a matter of an hour. The powerful movement also brought with it a significant surge in trading volume, confirming that the move was genuine and that a trend reversal may be a reality. Certain indicators suggest the reversal to be legitimate, but bears have yet to give up as is evident in the latest pullback.

Crypto volume in that latest leg up was as high as in peak 2017 bubble pic.twitter.com/atpFX8CLqF

— Camila Russo (@CamiRusso) April 11, 2019

That surge in trading volume across both Bitcoin and Ethereum, reached levels not seen since back in 2017 when cryptocurrencies went parabolic and took the mainstream public by storm. At the time, a media blitz lured retail investors to cryptocurrency exchanges in droves, seeking to strike it rich from Bitcoin and its altcoin cousins.

Related Reading | Is Over $3 Billion Is Sidelined Waiting to Enter Bitcoin and Altcoins?

It’s worth noting that the data former Bloomberg financial journalist Camila Russo used is from CoinMarketCap, which has recently been put under the microscope due to claims of falsely inflated trading volumes. While there is validity to these claims, the comparison is being made against previous CoinMarketCap data, so the sample data should represent similar levels of trading volume, wash trading included.

Featured image by Shutterstock
Tags: bitcoincamila russoCoinMarketCapcryptoethereumtrading volume
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Tony Spilotro

Tony Spilotro

I'm Tony Spilotro. Behind the pseudonym, I'm a digital media executive and global remote work leader with a decade of content experience and excellent. Here, I explore my newfound passions pertaining to privacy, finance, economics, politics, cryptography, property rights, and other libertarian-esque views. I am a Bitcoin evangelist, maximalist, and educator whenever I can be, helping to spread its message of freedom from government control, monetary policy mismanagement, and passing the buck - literally – to future generations. My journey from a curious retail crypto investor to a serious Bitcoin advocate, trader, and technical analyst is an unusual one, but life-changing nonetheless and has become less about money and more about a long-overdue revolution. While a firm believer in the laws governing math and science, I am profoundly fascinated by the impact of astrology and astronomy including moon and solar cycles and planetary alignment and their ability to influence and potentially predict markets. It hasn't yet clicked for me as to how to put anything to use, but I consider it my current rabbit hole I can't yet dig out of. My perspective of growing up alongside the internet, the dot com era, the Great Recession, and roots in video games collecting coins and rare items caused Bitcoin to immediately make sense to me. Through all of these lenses, I seek to produce content that is educational and entertaining, and I thank you sincerely for taking the time to read what I have to say. Please follow me on Twitter and feel free to drop me a line if you would like to work together.

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