Bitcoin Volume on BitMEX Skyrockets to Staggering $10 Billion as BTC Hits 2019 High

As the bitcoin price surged past $7,550 to establish a new 2019 high, the daily volume of the dominant cryptocurrency on BitMEX hit $10 billion.

Arthur Hayes, the CEO at BitMEX, the most widely utilized margin trading platform by bitcoin traders, revealed that the daily volume of bitcoin on BitMEX surpassed $10 billion on a Sunday, which was especially surprising given that the cryptocurrency market historically has shown a dip volume during the weekend.

Interest in Bitcoin is Surging Again

With the verifiable daily spot volume of bitcoin at over $1.9 billion, up by nearly 9-fold since March, and the daily volume of BTC at over $10 billion on BitMEX, the daily volume of the cryptocurrency market is nearing that of the 2017 peak during which the bitcoin price achieved $20,000.

Two days ago, Multicoin Capital general partner Vinny Lingham stated that if the bitcoin hold the $6,200 level for more than 24 hours, the start of a new bull market can be confirmed.

If Bitcoin can hold the $6200 level for the next 24-48 hours, then the bear market is officially over and Im going to become a raging bull! he said.

Other analysts including global markets analyst Alex Kr?ger ?similarly stated that BTC is currently in a bull market territory following its move from $5,500 to over $7,000 within a span of one week.

In the weeks to come, BTC is likely to see extreme volatility, as the volumes of major cryptocurrency exchanges recover and the demand for the asset rises in various markets such as the bitcoin futures market.

Bitcoin Investment Trust (GBTC), a regulated investment vehicle that enables investors to invest in bitcoin in a transparent and strictly overseen environment, has also seen record high volumes as of late.

Despite the 53 percent increase in the bitcoin price in the past 30 days, the trend of the search engine keyword bitcoin has not recovered relative to the increase in the price of the asset, indicating that the mainstream and the broader market have not triggered the bull run of the asset.

The trend of bitcoin on Google remains low (source: Google Trends)

Analysts have suggested that investors within the cryptocurrency market have become increasingly comfortable and confident with the trend of the major crypto assets, allocating capital into the asset class as the market began to demonstrate signs of full recovery.

Sustainability of Volume is Key

In the near-term, some traders expect bitcoin to engage in a healthy pullback, slightly retracing from its recent price surge.

Anybody trying to convince you that $BTC is about to retrace 30% is just salty they missed the current bullish advance. Well get a healthy retrace, but not 30%, Satoshi Flipper, a cryptocurrency trader, said.

For the asset to initiate a minor pullback that may serve as the foundation of the next rally, it is crucial for the volume of the asset across major exchanges to remain at the current level throughout the near-term.

The post Bitcoin Volume on BitMEX Skyrockets to Staggering $10 Billion as BTC Hits 2019 High appeared first on NewsBTC.

12.05.2019 / 01:50 30
BitMEX Adding More High-Performance Trading Tools BitMEX Adding More High-Performance
BitMEX owner HDR Global Trading has officially announced a partnership with Trading Technologies International, Inc. (TT). Trading Technologies
BitMEX CEO: Why Ethereum Could Quickly Hit $200 Again BitMEX CEO: Why Ethereum Could Quickly
This year has been a rough one for most cryptocurrencies but some have fared worse than others. Ethereum is one of those heavy sufferers that has
BitMEX CEO Arthur Hayes says Bitcoin Could Fall to $2,000 BitMEX CEO Arthur Hayes says Bitcoin
Today BitMEX released its BitMEX Crypto Trader Digest and Arthur Hayes used this opportunity to clarify his comments from earlier this week when he
Bitcoin Trading Platform BitMEX Hits 1 Million BTC in Daily Volume [Again] Bitcoin Trading Platform BitMEX Hits 1
Bitcoin investors might be suffering under the weight of one of the assets heaviest-ever bear markets, but for cryptocurrency derivatives exchanges
BitMEX Sets New Record After Posting $8 Billion In Daily Volume BitMEX Sets New Record After Posting $8
As covered by Ethereum World News on Tuesday, Bitcoin saw an astonishing price surge, quickly reaching an $8,400 high, which is also the highest the
BitMEX Breaks Industry Record With 1 Million Bitcoins Traded in One Day BitMEX Breaks Industry Record With 1
Hong Kong-based trading platform Bitcoin Mercantile Exchange (BitMEX) has revealed it traded over 1 million Bitcoin in the 24 hours through July 24.
Comments (0)
Add a comment
Comment on