Bitcoin and Ethereum Trading Volume Reaches Crypto Bull Run Peak Levels

Tony "The Bull" Severino

6 years ago

3 mins read

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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.

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.

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

Tony "The Bull" Severino

Tony "The Bull" Severino, CMT, is a distinguished figure in the cryptocurrency analysis sector, renowned for his in-depth technical expertise and innovative approach to market trends. As the Head of Research at NewsBTC, Tony leads a team dedicated to providing cutting-edge insights and forecasts, helping both novice and experienced traders navigate the complexities of the crypto market.
A seasoned Chartered Market Technician, Tony's prowess in identifying and capitalizing on market patterns is unmatched. His academic and professional journey in market analysis has firmly established him as a leading authority in technical trading strategies. Tony’s approach is heavily influenced by the principles of Elliott Wave Theory, a method known for its rigorous assessment of investor psychology and price movements.

Beyond his role at NewsBTC, Tony is the visionary founder of CoinChartist.io, an educational platform aimed at demystifying the nuances of cryptocurrency trading. CoinChartist.io serves as a valuable resource for traders seeking to enhance their technical analysis skills. The platform offers a range of learning tools and resources designed to empower traders with the knowledge to make informed trading decisions.

In addition to his educational initiatives, Tony is a prolific author and a dominant voice in the crypto community. He writes the CoinChartist VIP newsletter, a weekly dispatch that has become a staple among crypto enthusiasts, revered for its insightful analysis and actionable trading advice. This newsletter has consistently ranked as a best-seller on SubStack, boasting thousands of subscribers who rely on Tony’s expertise to guide their trading strategies.

Tony is also celebrated for his literary contributions to the field. He is the author of the highest-rated Crypto Trading Journal on Amazon.com, a testament to his ability to communicate complex trading concepts in an accessible manner. This journal is widely regarded as an essential tool for traders aiming to track their progress and refine their strategies.

Before his ascent in the financial analysis world, Tony honed his skills in journalism. His background in this field has endowed him with a unique ability to present intricate market dynamics in a clear and compelling manner, making his insights highly sought after by a broad audience that ranges from casual readers to professional traders.
His professional affiliations underscore his commitment to excellence and continuous learning. As a partner of Elliott Wave International and TradingView, Tony collaborates with other leading experts to enhance his knowledge and skills. His active membership in the CMT Association further aligns him with the highest standards of industry practices and ethics.

Tony’s nickname, "The Bull," aptly reflects his aggressive and optimistic outlook on the cryptocurrency markets. His forecasts often anticipate significant upturns, earning him a reputation for bullish predictions that have frequently led to lucrative outcomes for those who follow his advice.

In summary, Tony "The Bull" Severino, CMT, is more than just a technical analyst; he is a mentor, educator, and innovator whose influence in the cryptocurrency space continues to grow. His dedication to advancing the understanding of market forces and his commitment to providing high-quality, reliable analysis make him a pivotal figure in the world of cryptocurrency trading.