Bitcoin’s Trade volume is soaring with BTC price hitting new highs every day. The weekly trade volume has increased by 100%. Whereas the bitcoin’s price broke away from the $40,000 on Jan 7th.
The bullish rally of bitcoin is breaking records. Just 2 days ago we had the total market cap of crypto hit 1 Trillion USD. The crypto industry is euphoric over the surge since the start of 2021. In a recent development, we learnt that the spot trading volume of BTC has doubled from its previous all-time high.
A chart shared by Quantum Economics founder, Mati Greenspan, on Twitter showed the trade volume hitting 63.3 Billion USD.
This is promising and scary at the same time as many believe that risk will increase with high volume. But, who knows what is coming?
While we are writing this, bitcoin’s price has hit the market of 41,000 USD for the first time in history. The reasons for this continuing bullish rally are suggested as one of the following:
- The institutional support for the cryptocurrency is increasing. Many institutions believe that crypto is a hedge against fiat market’s unpredictability.
- The supply of crypto is diminishing as more and more people invest in it.
- Inflation is causing the US dollar’s value to diminish.
- The overall appeal of Bitcoin is rising as it makes news every other day with record-breaking feats.
Crypto traders are taking advantage of price surge and the outcome is depicted by the continuous increase in bitcoin’s trade volume.
Enjoy the bullish rally while you can. Not only bitcoin but all other major crypto coins are increasing in value as well. ETH has hit the highest value yesterday since 2018 bull rally. Hence these are interesting times for crypto traders. Even if the price falls from this point, BTC is well known for keeping some gains.
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