Bitcoin Bull Run Attracts 2.5 Million Traders Back To TradingView; Users Are ‘Extremely Engaged’
- The number of active Bitcoin traders on TradingView rose to 2.5 million per month in June
- These traders are “extremely engaged” and check in more than 7x/ day on average
- This increase in traders align with the Bitcoin price
A popular charting solution among the cryptocurrency traders, TradingView is enjoying a horde of traders joining the platform to stay up to date with the Bitcoin and cryptocurrency market.
The platform is known to provide a vast array of technical indicators for Bitcoin and other popular cryptocurrencies.
Traders Show Increasing Interest as Bitcoin Price Rises
During Q2 of 2019, Bitcoin price saw a surge of more than 150 percent as we went from $8k to nearly $14k.
This spring bull rally was accompanied by a surge in active traders on Tradingview website.
TradingView provides historical data, charting and other tools for equity, commodity, bond, currency, CFD, and crypto markets for about 8 million active traders, As per Similar Web, it has more than 60 million users from all over the world.
Internal data showed that the number of active Bitcoin traders rose to 2.5 million per month in June. This was when Bitcoin price reached a new 2019 high, last seen 18 month back at $13,900.
TradingView registered the similar number of traders during late 2017 when Bitcoin climbed to its all-time high of $20,000.
Charting service @tradingview now counts 2.5 million Bitcoin traders among their monthly users. "They are extremely engaged, and check in more than 7x / day on average." HT @zackvoell pic.twitter.com/8UGp3iD417
— Tuur Demeester (@TuurDemeester) July 22, 2019
During the end of last year when BTC price dropped to its bottom at $3,200 in mid December, the number of active Bitcoin traders on TradingView went below 1.25 million as well. This level of traders was last seen in mid 2017.
The number of active Bitcoin traders peaked in January 2018 at 5 million.
The data further states that these Bitcoin traders are “extremely engaged” and check in more than 7x/ day on average.
Bitcoin Price Is The Primary Driving Factor
It is no surprise that TradingView’s users align with the Bitcoin price as we have already seen how the interest in the flagship cryptocurrency moves in line with the Bitcoin price.
It’s not only TradingView that is seeing increased activity from Bitcoin users or traders. As reported, US-based exchange Coinbase added new users as well.
This week Coinbase hit 30 million users mark, adding five million in the last 10 months.
Recently, one of the largest bitcoin investment funds, Grayscale Reported that its total assets under management nearly tripled to $2.7 billion in the first half of 2019.
Genesis also reported of the “strongest” quarter ever in its digital currency lending and borrowing that involved non-crypto traditional users.
After a spectacular Q2, BTC/USD is back below $10,000, currently trading around $9,700.