The rise in the price of the currency has also caused a surge in the volume of transactions in the encryption market, so that the trading volume of Bitcoin and Ethereum reached the highest value of the peak period of the last encrypted bull market.
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Is the bull market coming back? Bitcoin and Ethereum's trading volume returned to the highest level in 2017
Since the bitcoin dropped from the end of 2017, the historical high of $20,000 has gradually become a distant memory. Bullish sentiment and public interest in the encryption market have gradually cooled, traders and investors have left the market, and the volume of mainstream cryptocurrency has fallen sharply, continuing to fall.
Trading volume tends to fall when the market is faltering. Of course, this is not the only reason for the decline in trading volume. If the uptrend suddenly reverses, the decline in trading volume is also very natural.
During the bear market between 2018 and 2019, the volume of encryption market transactions continued to fall. Especially since last fall, bitcoin prices fell from $6,000.
Bitcoin experienced a major reversal last week after experiencing an unprecedented bear market. Bitcoin prices rose from $4,200 in resistance to $5,200 in an hour. The strong trend has also led to a sharp increase in trading volume, proving that this reversal trend may be true. Some indicators show that the reversal is relatively reasonable and the bears have not yet given up, which has been evident in the recent corrections.
“In the latest round of gains, the volume of transactions was comparable to the last bull market. — Camila Russo (@CamiRusso) April 11, 2019”
This time, Bitcoin and Ethereum surged, reaching the highest level since 2017. At that time, the price trend of Bitcoin showed a parabolic trend (rising stage), coupled with the media's hype, which led to a large number of people who had been rich in speculative money in the past.
It is worth noting that the data used by Bloomberg's former financial journalist Camila Russo came from CoinMarketCap and was recently placed under the microscope due to the claim that the transaction volume was inflated. Although these statements are valid, they are compared to the previous CoinMarketCap data, so the sample data should represent similar trading volume levels, including fraudulent transactions.
Remarks: Bitcoin86 manuscript article, please indicate the source. The article is an independent view of the author and does not represent the standing position.