What Bear Market? Bitcoin Daily Trading Tops $11 Billion
With all the talk about the bear market, it would be easy to assume that investors and everyday crypto users would have given up on Bitcoin and that it is on a downward spiral.
Well, it seems the opposite is the case as Bitcoin had a daily transaction volume that surpassed $11 Billion On Friday, March 15, 2019. While a daily transaction volume in the billions of dollars is remarkable in itself, this achievement is also notable because it is the first time in almost a year that bitcoin has seen this level of daily transaction.
What This Means
The first implication of this is that bitcoin is not dead or dying soon. It was feared at a time that the two bear runs that took place within a year of each other would discourage individual Bitcoin users or worse, institutional investors. Not only have many institutions hopped on the crypto train, but these numbers also show that the market is alive and well.
Hopefully, this will inspire even more confidence in the market.
Another implication is that Bitcoin has created an infrastructure that functions regardless of its current price. The last time Bitcoin saw this level of transaction, its price was over $8,000 a coin. Now, it trades at just under $4,000 but has still managed to cross the $11 Billion mark. While the price of Bitcoin might be volatile, it is a relief to know that its transitions aren’t as affected.
This doesn’t just apply to Bitcoin as Litecoin has also seen impressive daily transaction numbers, even though it too was hit by the bear market.
It is currently trading at $58, though it dipped below $30 at a point and its daily transaction volume as of now is $1.79 Billion. This, in itself, is a high figure but it is even more impressive when it is considered that the daily figures recorded before the market crash were sometimes only half this amount. This means, essentially, that Litecoin has doubled its daily transaction volume since the bear market began.
One can only hope that the numbers being seen by Bitcoin, Litecoin and others will continue to increase and more confidence in the crypto market can be built. By the next bull run, it is even possible that the transaction numbers will become even more impressive as more and more people enter the market.
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