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Breaking News: Bitcoin Hits ATH Of $112,000, Expert Predicts Rally Is Just Beginning
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Breaking News: Bitcoin Hits ATH Of $112,000, Expert Predicts Rally Is Just Beginning

Bitcoin Trading Volume Plummets Down From Recent Top

Keshav Verma
Keshav Verma
1 year ago
3 mins read
Bitcoin

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Data shows the Bitcoin spot trading volume has once again come back down to normal values for 2022 after the big surge recently.

Bitcoin Trading Volume Falls Back Down To Values Around $4 Billion

As per the latest weekly report from Arcane Research, the Bitcoin trading volume has plummeted back down after the recent high values.

The “daily spot trading volume” is an indicator that measures the total amount of Bitcoin moving on the chain on any given day.

When the value of this metric goes up, it means the number of coins changing hands on the network is increasing. Such a trend can be a sign that interest around the crypto among investors is rising right now.

On the other hand, a downtrend in the volume would suggest that market activity is going down. This trend may imply that the general interest around the crypto could be diminishing.

Historically, high values of the indicator have provided for a favorable environment to push large moves in the price of Bitcoin.

Related Reading | Investors May Expect Downside For Bitcoin And Ethereum Market For The Next 3 Months

The reason behind this is that to sustain any such move, a large number of active traders are needed (which high volumes correspond to).

Now, here is a chart that shows the trend in the Bitcoin trading volume (7-day average) over the past year:

Bitcoin Trading Volume

Looks like the value of the metric has plunged down recently | Source: Arcane Research's The Weekly Update - Week 20, 2022

As you can see in the above graph, the Bitcoin trading volume had sharply jumped up to high values just below $10 billion recently.

These were highs not observed since May of last year. However, the indicator’s value has already plummeted down, clocking just about $4 billion now.

This value is more in line with the normal for the year 2022 so far, but is still a low value historically, as has been the case during the rest of the year.

Related Reading | Bitcoin, Ethereum Exchange Inflows Suggest Sell-Offs Are Far From Over

The report notes that this sharp turn in the trading volume shows how fast the market activity can swing for Bitcoin.

Generally, during periods of low activity, the price of the crypto has tended to run sideways. So, considering the current values, a similar outcome may follow for the coin now as well.

BTC Price

At the time of writing, Bitcoin’s price floats around $29.5k, down 1% in the past week. Over the last month, the crypto has lost 25% in value.

The below chart shows the trend in the price of the coin over the last five days.

Bitcoin Price Chart

It seems like the price of BTC has continued to move sideways over the last few days | Source: BTCUSD on TradingView
Featured image from Unsplash.com, charts from TradingView.com, Arcane Research
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Keshav Verma
Keshav Verma

Keshav Verma

Keshav is currently a senior writer at NewsBTC and has been attached to the website since June 14, 2021.

Read more

Keshav has been writing for many years, first as a hobbyist and later as a freelancer. He has experience working in a variety of niches, even fiction at one point, but the cryptocurrency industry has been the longest he has been attached to.

In terms of official educational qualifications, Keshav holds a bachelor’s degree in Physics from one of the premier institutes of India, the University of Delhi (DU). He started the degree with an aim of eventually making a career in Physics, but the onset of COVID led to a shift in plans. The virus meant that the college classes had to be delivered in the online-mode and with it came free time for him to explore other passions.

Initially only seeking to make some beer money, Keshav unexpectedly landed clients offering real projects, after which there was no looking back. Writing was something he had always enjoyed and to be able to do it for a living was like a dream come true.

Keshav completed his Physics degree in 2022 and has been focusing on his writing career since, but that doesn’t mean his passion for Physics has ended. He eventually plans to re-enter university to obtain a masters degree in the same field, but perhaps only to satiate his own interest rather than for using it as a means to find employment..

Keshav has found blockchain and its concepts fascinating ever since he started going down the rabbit-hole back in 2020. On-chain analysis in particular has been something he likes to research more about, which is why his NewsBTC pieces tend to involve it in some form.

Being of the science background, Keshav likes if concepts are clear and consistent, so he generally explains the indicators he talks about in a bit of detail so that the readers can perhaps come out having understood and learnt something new.

As for hobbies, Keshav is super into football, anime, and videogames. He enjoys football not only as a watcher, but also as a player. For games, Keshav generally tends towards enjoying singleplayer adventures, with EA FC (formerly FIFA) being the only online game he is active in. Though, perhaps due to being ultra-focused on the game, he is today a semi-pro on the EA FC scene, regularly participating in tournaments and sometimes even taking back prize money.

Because of his enthusiasm for anime and games, he also self-learned Japanese along the way to consume some of the untranslated gems out there. The skill didn’t merely remain as just a hobby, either, as he put it to productive use during his exploration for small-time gigs at the start of COVID, fulfilling a couple of Japanese-to-English translation jobs.

Keshav is also big into fitness, with agility and acceleration-related workouts making a big part of his program due to the relevance they have in football. On top of that, he also has a more traditional strength based program for the gym, which he does to maintain an overall fitness level of his body.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

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