Bitcoin and Litecoin (LTC) Register Record Volume on Exchanges as BTC Saw $9.9 Billion Traded
During the past few days, the crypto market has been seeing a lot of gains. The leading cryptocurrency has been eyeing $4,000 but hasn’t been managing to cross this level yet. At the time of writing, Bitcoin has been trading at $3,988 with 24-hours gains of 1.63 percent, according to Coinmarketcap.
One of the most integral factors behind this surge has been the trading volume. On February 18th, Bitcoin registered the trading volume of $9.9 billion on exchanges. Last time, Bitcoin hit this much volume has been in May 2018, as per the data provided by Coin Metrics.
Bitcoin Exchange Volume in USD, Source: Coin Metrics
However, in past two-days, the volume has taken a slight dip as it registers at $8.9 billion which is not a positive factor for the Bitcoin price. According to the analysts, if the trading volume keeps on decreasing, the prices could yet again take a downward shift.
Recently, the USD volume on LocalBitcoins took a strong hike as the volume about quadrupled. One of the contributing factors could be the declining USD index which is expecting to register more weakness this week. Moreover, there has been rising interest in Bitcoin from Indonesia as well.
Litecoin Exchange Volume Back To Feb 2018 Level
Litecoin, the 5th largest cryptocurrency that has always started the Bitcoin rally enjoyed a green February, unlike Bitcoin. On February 19th, the daily trading volume recorded by Litecoin has been $1.4 billion. At the time of writing, it has been at $1.45 billion as well, keeping the momentum going.
However, on February 8th, the daily trading volume has been the highest at $1.7 billion. The last time Litecoin hit this level, even over a billion dollar has been about a year back in February 2018, according to the data provided by Coin Metrics.
Litecoin Exchange Volume in USD, Source: Coin Metrics
When it comes to price, unlike Bitcoin, Litecoin has been still rising upwards. It has been trading at $51 with 24-hours of 6.81 percent at press time.
Yesterday, we reported how Litecoin has been outperforming Bitcoin since November sell-off by about 4 times and is still surpassing the percentage gains even now. If we take a look at the Litecoin price, it looks poised for more gains and as Mati Greenspan, eToro’s senior analyst had stated that Litecoin has already snapped its long term “bearish trend” and the fact that the psychological resistance of $50 is already broken by the cryptocurrency, we can expect a “smooth sailing” from here.