Despite the statements of many skeptics who during the 2018 bearish streak said that Bitcoin is dead or useless, the reality, however, is that this year has demonstrated that cryptocurrencies are a cultural phenomenon that is becoming increasingly popular.
According to data compiled by Crypto Quantamental — an investment manager specialized in analyzing the behavior of the crypto markets — today has been a historic day for Bitcoin as it recorded its highest trading volume ever.
Bitcoin (BTC): Less Expensive, More Users Every Day
This increase in trading volume is quite interesting since it is not only a sign of the confidence of the users within the ecosystem in the usefulness of the different cryptocurrencies, but also provides essential elements to debate about a significant increase in the number of new users who accept crypto on a daily basis — something that may play a fundamental role in a future price increase of a specific cryptocurrency.
Likewise, the fact that the trading volume increases in spite of falling prices is a sign of the maturity of the ecosystem in general. It could now be concluded that trading activity is independent of price behavior.
Crypto Quantamental points out that there is a difference between trading volume and trading value. While the first expresses the amount of cryptocurrencies that passed from one trader to another, the second concept expresses the fiat currency value of the operations carried out. Of course, this value has been surpassed on previous occasions, but when compared to periods where Bitcoin has had similar prices, today has been superior in both aspects.
We Saw ATH in Trading Volume… Has Bitcoin (BTC) Bottomed in Price?
He also commented that although his vision is optimistic, he can’t really talk about Bitcoin having bottomed out yet. To have a sufficient degree of security, he said that Bitcoin should play at least 6k (to avoid possible traps or unconsolidated changes of trend), but that despite not being able to talk with 100%certainty, at least he considers that Bitcoin could be in that process.
At the moment of writing this article, Bitcoin (BTC) has a price of 3864 USD, Bulls and Bears are fighting to control a trend that steadily separates its price from the 3.7- 4k USD zone