BitMEX Exchange Records Highest Ever Daily Trading Volume in Crossing $10 Billion in Activity
Investors across the cryptocurrency universe are astonished but hopeful as the current state of the cryptocurrency markets continues to grow in value daily. Bitcoin’s price is witnessing a huge soar in price as it hit $7,500 USD on Saturday, signifying over 100% gain since the start of the year. This pushed the trading volumes to all-time highs across various exchanges including BitMEX, Binance, and OTC trading counter desk, Grayscale Bitcoin Trust.
BitMEX cryptocurrency exchange daily volume figures surpassed the $10 billion USD mark for the first time ever during the weekend. The CEO at BitMEX, Arthur Hayes, tweeted the news earlier on Sunday confirming the trading volume surpassed the milestone. The tweet is a screenshot of the figure “$10.03 B” followed by the words,
“New record for BitMEX trading volume. Praise be to volatility and our wonderful traders!”
The Cryptocurrency Gold Rush?
Since most of the cryptocurrencies hit their all-time high (ATH) prices at the start of 2018, critics and non-believers have dismissed the assets given the volatility experienced in the markets. Bitcoin (BTC) dropped from a high of $20,000 USD in December 2017 to slightly below $3,500 USD in January 2019. However, in the past month or so, the price of one Bitcoin has grown to $7,040 USD leading to calls of a “bull run” among investors and critics alike.
Bitcoin (BTC) price against the dollar since January 1, 2019 (Image: Coinmarketcap)
The sentiments in the market have drastically changed from a bearish to bullish which has led to the largest day of trading yet in 2019 despite it being a weekend. Cryptocurrency traders will hope for a continued rise in price despite some sections calling the recent rise ‘unstable for long term growth.’
Internal Growth Stimuli For The Cryptocurrency Investors
The recent boost in the value of BTC is said to have come from within the field as early investors have a reinforced belief in the future of the coin. The public is still waiting on the sidelines as news travel to the mainstream media. This is easily illustrated by the volumes of Google searches for “Bitcoin” and “Cryptocurrencies” increasing gradually in the past few weeks as prices started to skyrocket.
Interest over time for the word “Bitcoin” since January 1, 2019 (Image: Google Trends)
With the public yet to get on to the bullish market bandwagon, cryptocurrency traders believe we have seen the bottom of the past bear run and only small retracement will be seen in the market. One trader on Twitter writes,
“Anybody trying to convince you that $BTC is about to retrace 30% is just salty they missed the current bullish advance. We’ll get a healthy retrace, but not 30%.”