Connect with us

Bitcoin

Bitcoin [BTC] and other cryptocurrencies push cryptocurrency trading volumes to a record high

Avatar

Published

on

Bitcoin [BTC] and other cryptocurrencies push cryptocurrency trading volumes to a record high
Source: Pixabay

Coinmarketcap, recently announced that it hit a 300-day high in crypto volume, which indicated a massive upward thrust. The crypto trading volume recorded a high of $33.85 billion. The collective cryptocurrency trading volumes have soared high, thanks to the surge witnessed by the top 10 digital currencies that comprise over 90% of the entire crypto trading volume. This surge may trigger interest among traditional financial establishments and investors.

The volume of crypto asset trading spiked during the first week of January last year accounting for a market capitalization of  $814.31 billion and a 24-hour trading volume of $44.07 billion. In a span of one month, trading volume of the crypto space fell to a market cap of $333.13 billion, with a 24-hour window totaling to $39.04 billion.

Source: CoinCheckup

The last major peak was recorded on May 5, 2018, with a market cap of $466.72 billion and a 24-hour volume of $25.34 billion, after which the crypto-space has failed to recover.

However, in the last two months, the crypto market has moved up at a steady pace, after falling to hold a $111.6 billion market cap and a 24-hour window of $16.55 billion.

Source: CoinCheckup

At press time, the market cap of the entire cryptosphere was recorded at $134.91 billion and the 24-hour volume traded at $24.01 billion.

While Bitcoin’s popularity exploded during the Bitcoin boom in 2017, early adopters were very limited in number. Developing countries, which face economic and political challenges, have however witnessed a sharp surge in the number of people adopting Bitcoin and other cryptocurrencies. These countries include Venezuela, Iran and even India.

With respect to Bitcoin’s wider use around the world, eToro’s senior market analyst, Mati Greenspan tweeted,



“Bitcoin usage is especially high in emerging markets where the local economy is less stable.”

Last year, Greenspan also stated,

“In South Africa, the number of new users trading bitcoin through eToro rose by 671% from January to the end of November last year over the same period in 2016, more than the 574% overall growth.”

Presently, there are over 7 million active Bitcoin users around the world. This suggests that cryptocurrency use and adoption is ongoing, despite the crypto-winter.





Subscribe to AMBCrypto’s Newsletter


Bitcoin

Bitcoin prices hit $150 billion market cap for the first time in 2019 as prices pump by 11%

Avatar

Published

on

Bitcoin prices hits $150 billion market cap for the first time in 2019 as prices pump by 11%
Source: Unsplash

Bitcoin’s parabolic rise that started in April seems to be staggering as the increase in price vs. the number of days it took to increase was surprising, considering the prolonged bear market.

The recent pump on May 27 at 23:30 UTC [+5:30] pumped the price from $7.995 to $8,939 in 7 hours with each green candle forming one after another. However, the price reached a peak at 05:30 UTC [+5:30]. After which the price declined by 2.85%.

Source: TradingView

Moreover, at press time, the market cap of Bitcoin has reached a new high, i.e., $154 billion and the price reaching $8,900 is a new all-time high of Bitcoin in 2019. Bitcoin’s total rise YTD was 146% and in a 24-hour time frame, the price of Bitcoin was up by 8.71%.



Meanwhile, altcoins have also followed suit as Ethereum pumped by 7.21%, XRP by 7%, Bitcoin Cash by 9.53%, Litecoin pumped the most in top 10 as it was up by 11.23% in 24-hours. Tron, the eleventh largest cryptocurrency pumped by 13.84%, at press time.

Anthony Pompliano, a well-known Bitcoin enthusiast tweeted:

“Someone check on @nouriel. Bitcoin seems to be coming back with a vengeance ever since he blocked most of Bitcoin Twitter.”





Subscribe to AMBCrypto’s Newsletter


Continue Reading

Trending