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In early April, Bitcoins raised nearly $ 1,000 in just over an hour. The powerful move was enough to drive the entire crypto market, including Ethereum, Ripple and Litecoin.
The rally, which, according to many people, confirms that the bear market is now at its lowest due to the very first cryptocurrency ever recorded, saw a volume of transactions as important on Bitcoin and Ethereum that it reached levels never seen since the peak of the last bull market cryptocurrency.
Is the bull behind? Bitcoin and Ethereum trading volumes revisited in 2017
Since Bitcoin's parabolic advance was halted at the end of 2017, its record of $ 20,000 has become a distant memory, and bullish sentiment and general interest have virtually left the cryptography market. As fewer investors and traders flocked into the cryptographic space, trading volumes between major cryptographic projects dropped significantly.
Related reading | Crypto Analyst: the high price of bitcoin confirms the trough of the bear market
Trade volumes often fall in times of indecision, but they can also fall as trends start to run out of steam. It is only after a major movement that volumes resume, often confirming the continuation or reversal of the trend, depending on the direction of movement.
On the whole of the bear market 2018-2019, the volume has stopped decreasing. It started to increase during the fall to $ 6,000, but it quickly returned to low levels.
After the longest bear market ever recorded for Bitcoin, a major trend shift occurred in last week's recovery, pushing the bitcoin price from $ 4,200 to $ 5,200 in just one hour. The strong movement also led to a significant increase in trading volume, confirming its authenticity and reversing the trend. Some indicators suggest that the overthrow is legitimate, but the bears have not yet given up, as shown by the latest decline.
The volume of crypto in this last ascent was as high as in the peak of 2017 pic.twitter.com/atpFX8CLqF
– Camila Russo (@CamiRusso) April 11, 2019
This increase in trading volume on Bitcoin and Ethereum has reached levels never seen since 2017, when crypto-currencies became parabolic and conquered the general public. At that time, a media-driven media campaign attracted retail investors to cryptocurrency bursaries, seeking to enrich it through Bitcoin and its cousins altcoins.
Related reading | Are more than $ 3 billion waiting to enter Bitcoin and Altcoins?
It should be noted that the data used by former Bloomberg financial reporter Camila Russo comes from CoinMarketCap, which was recently closely scrutinized by microscopy due to claims that trading volumes were inflated. Although these statements are valid, the comparison being made with the previous data of CoinMarketCap, the sample data should therefore represent similar levels of trading volume, including trading.
The image selected by Shutterstock
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