Topic: [2018-07-19] Bitcoin Trading Volume Is Up 100% From Its Recent Low (Read 157 times)

as I said in the post recently, people are happy about the probable approval of ETF and because of this I suspect that these people are selling their altcoins to buy bitcoin because they believe that the price of bitcoin will increase a lot in the next days. Now if this ETF is really approved then the price will go to the moon, but if it is not approved then the price will fall a lot


Of course, because people are selling their altcoins to buy bitcoin

I don't think that the trading volume is going to be an accurate prediction index for what's going to happen in the future. Especially the volume measured in fiat currency, it is bound to go up when there is a small rally anyways.

The real question here is whether or not we're breaking into bullish territory with this small rally that was seen in the past few days.

To me, I think that we are still some distance from that. The bear market has only carried on for around 7 months at this stage, and previous bear markets have shown that they have lasted much longer before the final bottom and recovery. Especially when you see that $7.5 k resistance seems to be pretty strong still.

New investors are coming

With Tuesday's dramatic $600 bitcoin rally came a sharp rise in trading volume, more specifically a 100 percent increase from its 7-month volume low set just four days ago.

As of Monday, bitcoin's 24-hour trading volume had fallen to $2.92 billion, a level last seen on November 7. However, as price volatility tends to follow dramatic volume lows, bitcoin's breakout yesterday was no exception to the rule: 24-hour trading volume reached $5.9 billion.

All in all, this marked a 103.7 percent increase from the 36-week low set this past Saturday.

On some exchanges, volumes even set records.

A popular high-leverage trading cryptocurrency exchange, Bitmex, experienced its highest bitcoin trading volume in an 8-hour window ever during the price surge yesterday. As seen in the chart below, the value recorded was north of $2.4 billion.

Further, this week's bitcoin trading volume is already well on its way to surpassing that of the prior week.

Since Monday, the cryptocurrency's trading volume is already above 115,000 BTC units, surpassing 90 percent of the total volume recorded in the prior full week, according to data from the Bitfinex exchange.

Breaking the long-term trend of declining volume could prove crucial for the bitcoin bulls if they wish to regain long term composure, and this week's action is a step in the right direction.

https://www.coindesk.com/bitcoin-trading-volume-is-up-100-from-its-recent-low/