Despite recent trading value history that the cryptocurrency market has had over the past couple of months, today Bitcoin has registered its highest ever trade value.
This comes at a time when the cryptocurrency market has been the butt of many a foul remark made by many people in the industry. Reacting to a highly bearish market, many people have signed Bitcoin’s death warrant.
But today, is a historic day for the Bitcoin community and the cryptocurrency market as a whole. As Bitcoin registered its largest trading volume.
Higher Maturity In Community
However, despite a considerable downfall in the market, the cryptocurrency market today has registered its highest trade volume ever for the king of cryptocurrency; Bitcoin.
This is a great sign for the cryptocurrency market because it shows a great deal of maturity in the market. This also further proves that the Bitcoin and the cryptocurrency market are a part of people’s financial portfolios and is here to stay.
Difference Between Trading Volume and Value
The fact that the trade volume has continued to increase despite a significant decrease in trading value, has established that one does not necessarily dictate the other.
A very possible reason for the trade volume’s increase is that the cryptocurrencies are now becoming very affordable, given the price plummeting vertically downwards.
Has Bitcoin Bottomed Out, Price-wise?
With the market falling, Bitcoin had many people worried that the bubble was finally bursting. But the cryptocurrency community is sure that this is only the beginning.
But having said that, the Bitcoin market has to have atleast $6,000 USD to become profitable for its investors.
<blockquote class=”twitter-tweet”><p lang=”en” dir=”ltr”>Now the crappy disclaimer:<br><br>You NEVER know when a bottom occurs until well after the fact. Very often dead cats (bull traps) look very similar to a V bottom. Volume is obviously higher which suggest the chance of reversal is higher, but you never know until after the fact. (8/N)</p>— Crypto Quantamental (@CryptoQF) <a href=”https://twitter.com/CryptoQF/status/1075970015378079745?ref_src=twsrc%5Etfw”>December 21, 2018</a></blockquote> <script async src=”https://platform.twitter.com/widgets.js” charset=”utf-8″></script>
Hope Slowly Being Restored
Given yesterday’s sudden rally in the cryptocurrency market and the highest trade volume registry for Bitcoin, the hope is being restored in the cryptocurrency community after almost a month of falling.
All eyes are now on the cryptocurrency market as it readies for a full recovery in 2019. Bitcoin is currently trading at $3,905 USD.
Hitesh Malviya is the Founder of ItsBlockchain. He is one of the most early adopters of blockchain & cryptocurrency enthusiast in India. After being into space for a few years, he started IBC in 2016 to help other early adopters learn about the technology.
Before IBC, Hitesh has founded 4 companies in the cyber security & IT space.
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