ETH Breaks Yearly Records in Trading Volume: 5.56Bn USD in 24Hours
Ethereum seems to be recovering from last year’s heavy blow, surviving not only the strong bearish trend in the crypto market but also the strong negative campaign that the whole platform suffered as a result of the high number of scams and failed ICOs that used the blockchain to operate.
After reaching minimum annual levels, with a 94% reduction in transactions, yesterday Ethereum broke a new record, but this time for the pride and joy of the community as it registered the highest 24-hour trading volume in more than a year.
Not only did it achieve a record number. The trend seems to point to a stable growth over time, abandoning the decreasing tendency experienced during previous months.
A Stable Trend To Spark Optimism in The Community
According to CoinMarketCap, Ethereum recorded a trading volume of 5,449,515,390 USD on February 18. On February 19, the volume dropped to 5,325,298,823 USD, a number that although lower than the previous day, still represents a considerable increase over data from past months.
Not considering an anomaly recorded on July 28, 2018, the highest trading volume was recorded just over a year ago: Since February 3, 2018, Ethereum had not experienced similar stats.
This signal may be especially important for traders who rely on technical analysis to assess the most suitable opportunities to invest. The positive and stable trend of a growing number of traded ETH could point to a favorable price valuation given the higher number of people interested in this cryptocurrency.
Earlier this year, the Ethereum Dev Team had announced that Constantinople, a hard fork long-awaited by many members of the community, had been delayed. The news had a slight negative impact, but the Ethereum Foundation team managed to properly handle the problem, keeping the community optimistic while solving the problems that prevented the implementation of the protocol.
The block suggested for the implementation of Constantinople was block #7080000. However, although the volume increased slightly due to expectations, the disappointment did not wipe out the confidence of those who trust Ethereum’s potential to remain the most important altcoin of the global market cap.