Is the Crypto Winter Over? Bitcoin Trading Volume Over $10 Bln
Kevin Rooke, an autonomous cryptocurrency data researcher, tweeted on Saturday that crypto traders in March made around $10 billion, a figure which is much higher than $6.25 billion lows attained in November last year – a period when the BTC/USD price dropped by 35% due to Bitcoin Cash (BCH) hard fork debacle.
Bitcoin Cash Hard Fork Impact
However, the early 2018 breakdown in the crypto market wiped off both the valuations and traders. After the breakdown, lesser investors were seen penetrating into the digital currency market. The lower trading volumes registered between June to October last year was clear evidence. During that period, BTC had a stable support price of around $6,000 not until November and December when it rapidly plummeted to $3100, as per the data accessible at OnchainFx.com.
Even in January this year, the average BTC trading volume remained almost the same. But in February, the figures soared to around $7 billion, and now in March they have managed to earn over $10 billion, hence making an impressive rebound. All in all, the market is regaining gigantic momentum.
Bitcoin's daily exchange volume is booming
Volume has increased by ~150% in the last 5 months
Average daily volume hasn't been this high since Jan 2018
Only 9 days in the last 12 months had $10B+ in volume
5 of those days have been in March 2019 pic.twitter.com/0VE9bX9iGQ
— Kevin Rooke (@kerooke) March 16, 2019
Bitcoin Inflated Figures on CMC
Although the snowballing daily volume and price can equally support each other, optimistic signals remain to be visible. The crypto winter might not be over yet, but possibly hope will soon be back in investors’ minds.
However, most Bitcoin exchanges have been increasingly condemned for allegedly manipulating their trading volumes. According to the report released by Blockchain Transparency Institute, most of BTC’s displayed volume of coinmarketcap (CMC) was 99% false.
“Over 80% of the Coinmarketcap top 25 BTC pairs volume is wash traded,” the institute wrote. “These exchanges continue to use these strategies as a business model to steal money from aspiring token projects.”
All said and done, if this allegation is correct, it could perhaps set a big test for whales to demonstrate BTC’s long term buoyant outlooks.