Categories: Bitcoin Business

Could Booming Bitcoin Volume Set A Precedent For A Crypto Rally?

Click here to view original web page at ethereumworldnews.com

Bitcoin Trading Volumes Boom

Over recent weeks, it has become more and more apparent that life has returned to Bitcoin (BTC), and the broader digital asset ecosystem by extension. Independent cryptocurrency researcher Kevin Rooke recently drew attention to data that would corroborate this sentiment on Twitter.

Rooke notes that per statistics from Nic Carter’s CoinMetrics, Bitcoin trading volume on all exchanges combined is up by 150% or so over the last five months, all while BTC fell from $6,000 to $4,000. He adds that the average daily volume sum for the cryptocurrency hasn’t been this high since January 2018, when BTC was falling off its $20,000 peak in a surprising, rapid turn of events.

And to put the cherry on top of the proverbial cryptocurrency cake, Rooke adds that while a mere nine days in the last 12 months have posted $10 billion in Bitcoin volume, five of those days have been in the past two weeks.

Could This Set A Positive Precedent For Crypto?

While there are other catalysts that could drive this market, volume readings are seen as a key way to interpret market interest in an asset, meaning that the recent influx of both buying and selling pressure could mean that investors (or traders at the minimum) are starting to see some money-making potential. Many believe that this newfound speculation could fuel a bounce.

Financial Survivalism, for instance, noted that from a top-down perspective, trading volumes are the highest this industry has seen since the last week of 2017, a time when everyone and their dog were investing their savings into altcoins in dreams of striking it rich. The insurance agent turned Bitcoin traders adds that this nascent space hasn’t ever seen “four straight weekly bars with [this] much buying volume,” leading him to the conclusion that a short-term bounce to precede a move to under $2,000 is in Bitcoin’s cards.

But, there’s a nuance or two. Crypto Integrity, a blockchain-centric research division that specializes in market manipulation and fraud, claims that up to 88% of all volume figures could be entirely fraudulent. Integrity’s data science team specifically draws attention to OkEX, Bit-Z, Huobi, HitBTC, among a handful of other mostly unregulated exchanges as perpetrators or accessories in potential wash trading schemes.

Speaking to Decrypt, a team member from the research group explained how it gathered this information:

“[We built] a system that collects low-level market data from exchanges (order books as well as trades). It allows us identify what no one is able to find on charts or by the analysis of trades & volumes.”

If this is accurate, this revelation would be a drastic blow to analysts who believe that cryptocurrencies are slated to move higher on the back of volumes.

Over recent weeks, it has become more and more apparent that life has returned to Bitcoin (BTC), and the broader digital asset ecosystem by extension. […]

cinerama

Illuminati, Mason, Anonymous I'll never tell. I can tell you this, global power is shifting and those who have the new intelligence are working to acquire this new force. You matter naught except to yourself, therefore prepare for the least expected and make your place in the new world order.

Disqus Comments Loading...
Share
Published by
cinerama

Recent Posts

Everyone’s Worst Fears About EOS Are Proving True

The Takeaway: EOS is the world’s seventh-largest blockchain by market cap, with a value topping $3 billion since February 2019.… Read More

5 hours ago

Street Artist Makes $12,000 in Bitcoin Donations

A French street artist best known for painting lady liberty leading the yellow vests has stated he has received more… Read More

6 hours ago

Wave Financial Launches World-First Bitcoin Yield Fund: Wave BTC Income & Growth Digital Fund

LOS ANGELES, Sept. 19, 2019 /PRNewswire/ -- Wave Financial LLC (Wave), a leading asset management firm focused on digital assets,… Read More

6 hours ago

Nigerian man returns bitcoins worth $80,000

Keith Mali Chung returned Bitcoins worth $80,000 mistakenly transferred to him. A Nigerian man who found $80,000 dollar's worth of… Read More

6 hours ago

Bitcoin Surrenders Post Fed Rate Cut; Pullback Awaited

Bitcoin slipped below $10,000 on Thursday after the Federal Reserve cut benchmark lending rates by 25 basis points.The BTC/USD instrument… Read More

6 hours ago

Bitcoin Hashrate Hits All-time High as Price Dwindles

The benchmark metric of miners confidence in the Bitcoin network established its all-time high on Thursday.Hashrate, which reflects the processing… Read More

6 hours ago

This website uses cookies. We use these cookies to collect data about your interaction with our website for the purpose of continuously improving your experience with our site. For more information we encourage you to read our privacy policy.

Read More