If you’ve been paying attention, then you know about the recent pump the market has been seeing for about a week now. What is most optimistic about this price action though, is that the volume behind it is pretty significant. In fact, NewsBTC is reporting that for Bitcoin and Ethereum, it about matches the volume last seen during the 2017 bull run, which is a very good sign indeed.
The article references financial journalist Camila Russo, with the following tweet:
Crypto volume in that latest leg up was as high as in peak 2017 bubble pic.twitter.com/atpFX8CLqF
— Camila Russo (@CamiRusso) April 11, 2019
It was quickly pointed out on twitter that the data was from Coinmarketcap.com, which has been known for including fake trading volume in its estimations. Still, as both data sets are from that same source, the argument could be made that wash trading is already factored into the volume, and relative changes are still significant.
Even if the data isn’t perfect, having a surge in trading volume with this price spike is certainly not a bad sign. If we are seeing this much volume at prices like these, it stands to logic volume will surge with the next bull run, or rather they will rise together.
Having added volume also brings increased stability into the market, meaning dramatic price fluctuations should be less intense and the market is more likely to hold onto gains.
Does this indicate the market is gearing up for a bull run? Stick with Chepicap for any and all updates.
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