Data shows the Bitcoin carnage has awakened the dead trading volume that had persisted since many months now.
Bitcoin Trading Volume Surges To Highest Value Since December
Wéi pro lescht Wochenzeitung Bericht vun Arcane Fuerschung, the latest bloodbath in the crypto market has awakened BTC’s spot trading volume.
De "Handelsvolumen” is an indicator that measures the total amount of Bitcoin being moved on the chain on any given day.
When the value of this metric rises, it means the market is becoming more active as investors trade larger amounts of the crypto.
On the other hand, a downtrend in the indicator suggests the Bitcoin market activity is going down at the moment.
Historically, high trading volumes have made up for an ideal environment for pushing large price moves. This is because to sustain any such move, a large number of active traders are needed.
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It’s also true that any significant price move attracts more traders in return as interest in Bitcoin goes up. Thus, it fuels itself to keep going. In cases when the volume hasn’t surged up in response to a move, the move hasn’t lasted for long before dying off.
Elo, hei ass eng Grafik déi den Trend am BTC Handelsvolumen iwwer d'lescht Joer weist:
Gesäit aus wéi wann de Wäert vun der Metrik viru kuerzem eropgaang ass | Quell: Arcane Research's The Weekly Update - Woch 18
As you can see in the above graph, the Bitcoin trading volume had been very quite since a couple of months now.
However, this week the indicator’s value has sharply spiked up as the market has panicked due to the Crash in the crypto’s price.
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On Monday, the daily trading volume amounted to around $13 billion in Bitcoin travelling on the network. This is the highest the value of the metric has been since the 4th of last December.
It now remains to be seen whether the fresh spot volumes will remain to the next week, or if the market will once again fall back to sleep when the selloff is over.
BTC Präis
De Präis vum Bitcoin has now crashed down to lesser values than the low formed in summer 2021. At the time of writing, the coin trades around $28.1k, down 28% in the last seven days. Over the past month, the crypto has lost 29% in value.
Déi ënnescht Grafik weist den Trend vum Präis vun der Mënz an de leschten fënnef Deeg.
The value of the crypto seems to have crashed down over the last few days | Source: BTCUSD op TradingView
Featured Image vun Unsplash.com, Charts vun TradingView.com, Arcane Research
Source: https://www.newsbtc.com/news/bitcoin/bitcoin-bloodbath-awakens-spot-volumes-surge/