What does Bitcoin transaction volume refer to (Bitcoin trading volume)?
What does Bitcoin transaction volume refer to? What is the relationship of Bitc
What does Bitcoin transaction volume refer to? What is the relationship of Bitcoin transaction volume?
The price trend of Bitcoin is closely related to the growth of trading volume. According to data from BitInfoCharts, as of 3 a.m. on August 1st, the trading volume per hour was about 700 million US dollars, and the average daily price in the past day was about 7,000 US dollars; starting from 4:30 p.m. on September 2nd, the trading volume was only 5 million US dollars. Therefore, we can consider this part of the funds as a signal for buying or selling, rather than a “bullish” trend between buyers and sellers. If this phenomenon (such as a sharp decrease) does not occur in the market, then the market’s reaction will not be prompt (because this is how the cryptocurrency circle works).
Therefore, one factor that investors need to consider is the relationship between trading volume and liquidity. When a cryptocurrency market is in a downtrend, people will be interested in this indicator. Generally speaking, when the price of Bitcoin rises, its trading volume will increase; but during the rise of Bitcoin, other currencies do not have this kind of performance. For example, ETH reached a historical high of 500 million US dollars in trading volume within 24 hours; XRP also set a new high after 20 days; LTC’s trading volume increased from 23 days to nearly 1 billion US dollars. (Data source: CoinGape)
Of course, many people think that volatility is not important, and what is important is to know why Bitcoin experiences a decline. But in fact, it is not the case. First of all, it is not the only criterion for measuring digital assets. On the contrary, it is an important indicator for measuring the number of participants and the level of activity in the Bitcoin market. Usually, the answer can only be obtained by comparing it with exchanges. Secondly, it is important to know whether traders are making profits through over-the-counter trades or buying some cryptocurrencies in the high-frequency trading market, all of which have strong appeal.
Finally, it also depends on the user group itself and the number of users trading on the platform. Due to the small market size and the lack of mainstream players entering this field, many ordinary people do not pay much attention to Bitcoin trading, let alone using leverage trading and other methods.
The above analysis is just a simple statement, and you can also refer to the graphical explanation below.
Bitcoin trading volume
According to Tokenview data, Bitcoin ranks first in the 24-hour trading volume ranking, with an average trading volume of 3.15 billion US dollars in the week of March 15th, accounting for 32.28%; the second is Tether, with an average trading volume of 2.3 billion US dollars in the week of March 17th, accounting for 25.72%; the third is Ethereum, with an average trading volume of 2.1 billion US dollars 21 days ago, accounting for 13.82%. Ripple ranks fourth, with an average trading volume of 2.2 billion US dollars 22 days ago, accounting for 11.42%. Analysts at JPMorgan believe that the market is not optimistic about the future trend and is currently in a bear market.
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