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Home Cryptocurrency news Bitcoin

Bitcoin Sets 24-Hour Trading Volume All-Time High, Nearly Double Last Crypto Bull Run

Tony Spilotro by Tony Spilotro
2 years ago
in Bitcoin, Cryptocurrency news
Reading Time: 3min read
Bitcoin Sets 24-Hour Trading Volume All-Time High, Nearly Double Last Crypto Bull Run
Advertisement

All this week, Bitcoin price action has been heating up, bringing traders the most volatility seen since the last bull run. The price of the leading crypto asset by market cap violently bounced back and forth between $10,500 and $13,000 for much of yesterday after it was rejected at overhead resistance at $14,000.

These movements represent over 20% price swings either way, and offer experienced or lucky traders the opportunity to grow their capital or BTC stacks by buying and selling the massive price swings. This opportunity and trading activity has led to Bitcoin setting a new all-time high, not in price, but in 24-hour trading volume – nearly doubling the volume saw at the height of the last bull run.

Bitcoin Sets Record High in Trading Volume As $44 Billion Changes Hands in 24 Hours

Volume increasing shows that a trend is strengthening, and yesterday’s history-making, record-breaking trading volume in Bitcoin markets could be a sign its about to embark on the greatest bull run the world has ever witnessed.

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Related Reading | Bitcoin Price Action: Volatility is Back in a Big Way, Tom Lee Says To Buy and HODL 

It’s already steadily outperformed the stock market, painted one of the strongest monthly reversal candlestick formations ever that analysts say “should never be ignored,” and has risen 300% since it’s December low. Now, it’s set an all-time high in 24-hour trading volume according to CoinMarketCap.

Bitcoin just set a new all-time record in 24H volume: 42 billion USD

The highest volume recorded during the bull run of 2017-18 was 24 billion

New money entering the market

The parabolic rise of crypto hasn't even begun. It's just getting started

Long Bitcoin. Long Blockchain pic.twitter.com/0O5MD7ZQ6S

— Misha Lederman (@mishalederman) June 27, 2019

Blockchain startup advisor Misha Lederman says that this is a sign that “new money” is entering the market, and that the “parabolic rise of crypto hasn’t even begun.”

It’s just getting started, he added.

Comparing Yesterday’s Record High Volume to The Previous Crypto Bull Run

While Lederman’s tweet shows a 24-hour high of $42 billion in trading volume, CoinMarketCap closed the day at just under $44 million.

During the last bull run, trading volume peaked out at $24 billion, which means that yesterday’s fireworks almost doubled the highest point of the previous bull run – when Bitcoin took the mainstream public by storm and caused widespread FOMO that created a bubble.

While Lederman didn’t outright say it, his “just getting started” comments could be in reference to how shortly ago Bitcoin was setting lows, how high Bitcoin could potentially go, or the fact that interest in Bitcoin thus far hasn’t even come close to levels saw at the last bull run if Google Trends is to be considered – even despite trading volume showing that trading interest itself has increased.

Related Reading | Bitcoin’s First Full Market Cycle Ends With $3T Cap, $150K BTC, and Major Attack 

Of course, the argument can be made that CoinMarketCap trading volume has been an unreliable metric due to all the false reporting, but the company has only taken more steps recently to shed that stigma, and it’s likely that less protective measures were in place during the last bull run. This means that no matter how you slice it, Bitcoin is setting new highs in trading volume, and volume precedes price – a new all-time high in Bitcoin is at this point just a matter of time.

Featured image from Shutterstock, Charts from CoinMarketCap
Tags: All-time Highbitcoinbitcoin priceMisha Ledermantrading volume
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Tony Spilotro

Tony Spilotro

I'm Tony Spilotro. Behind the pseudonym, I'm a global remote work leader with a decade of award-winning content experience and excellence. 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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