Bitcoin is Dead! Bitcoin is useless! Bitcoin has no future!
Bitcoin is Dead!
Bitcoin is useless!
Bitcoin has no future!
During the 2018 bearish streak, we have heard a lot of statements like that, haven’t we?
Despite such statements given by many skeptics, the reality is that cryptocurrencies have become a cultural phenomenon that’s becoming increasingly popular with each passing day.
According to the data gathered by an investment manager specialised in analyzing the behaviour of cryptocurrency market, Crypto Quantamental, It is the historic day for Bitcoin as it has recorded its highest trading volume today.
THIS WAS THE HIGHEST VOLUME DAY IN BITCOIN HISTORY. IT WASN'T EVEN REMOTELY CLOSE!
Simple as that (7/N) pic.twitter.com/6NOtVWCvLm
— Crypto Quantamental (@CryptoQF) December 21, 2018
This significant increase in the trading volume of Bitcoin is quite interesting as it is a sign of the confidence of its users within the ecosystem. Not only this, but it also comes with some essential elements to debate about the increase in the number of new users accepting this cryptocurrencies on a daily basis.
This is something that might play a crucial role in a future price increase of the particular cryptocurrency.
Similarly, the fact that in spite of the falling prices of the cryptocurrency (which is steadily recovering), the increase in the trading volume is a sign of maturity of this unique ecosystem in general.
Now, it can be concluded that trading activity is the independent of price behavior in the market.
Crypto Quantamental highlights that there is a slight difference between trading volume and the trading value.
Where trading volume expresses the amount of cryptocurrencies which passed from one trader to the other, the latter expresses the fiat currency value of the operations carried out. Indeed, this value has outshined on the previous occasions. But if compared to the periods where Bitcoin was spotted having similar prices, today has been the superior day for the cryptocurrencies in both the aspects.