Average daily trading volume of the world’s largest cryptocurrency Bitcoin has reached its fresh highs since April, 2018.
Independent crypto data researcher Kevin Rooke brought the community’s attention to bitcoin volume via his Saturday tweet. The analyst revealed that traders, in March, changed hands for/to the cryptocurrency to the extent of approx $10 billion. In comparison, those numbers were as low as $6.25 billion in November 2018, the month in which bitcoin price plunged 35 percent owing to the Bitcoin Cash hard fork fiasco.
Through the Crypto Crash
In retrospective, the early 2018 drop in the cryptocurrency market didn’t just wipe off valuations but traders as well. Following the crash, lesser investors were entering the crypto market, including bitcoin. That was visible in the lower trading volumes between June 2018 and October 2018. Between that period, bitcoin managed to secure a stable support level near $6,000, even though the price formed lower highs on each bounce back action. In November 2018, Bitcoin broke the $6,000-support and eventually established a new bottom near $3,100 in December 2018.
The downside price action erred potential investors, indeed.