BitMex Hits A One-Year High On Google Trend As Trading Volumes Spike Amid Exchange Expansion
BitMex Hits A One-Year High On Google Trend
In an indication of resurgent Bitcoin trading activity, BitMex has hit a one-year high on Google trend search data. The data generally shows that the rise in Bitcoin prices has had a corresponding effect on the search and trading activity.
Bitcoin has been on a roll of late. The pioneer cryptocurrency continues to go up as the prices in May pushed 2019 gains further. As a matter of fact, many analysts contend that the markets may be finally over the devastating bear market through much of 2018.
BitMex is one of the biggest exchanges out there. The fact that its interest is soaring as indicated by Google trends is certainly positive. Just like polling high in political opinion polls is a reflection of voter interest, these highs show trader enthusiasm.
Traders are definitely more vibrant in the markets. Accordingly, BitMex exchange has seen a remarkable uptick in activity and interest. Notably, there was recent news that Bitcoin Volume on BitMex has skyrocketed to a staggering $10 Billion. This exponential rise in the daily traded volumes is certainly a milestone indicative of solid upward trends.
BitMex crossed this mark on May 12th representing a volume reminiscent of q4 2017 highs. Arthur Hayes, the CEO at BitMex, put out this tweet in the wake of the news.
New record for BitMEX trading volume. Praise be to volatility and our wonderful traders! pic.twitter.com/iLMGdpz65n
— Arthur Hayes (@CryptoHayes) May 12, 2019
Significance for Bitcoin (BTC) Markets
Bitcoin interest drastically went down as the prices tumbled down from a high of $20,000 at the start of 2018. By the time prices bottomed out at about $3,200, the searches that fuel Google trends definitely reflected the same.
There have been studies into the meaning of increased Bitcoin interest on Google trends. Accordingly, the search engine marketing firm conducted research in 2017 to this effect. The agency found out that there is a 91 percent correlation between Bitcoin prices and correspondingly Google searches.
In effect, there is a very high likelihood that good times come with increased interest. The reason the correlation is not absolute is that there at times when people search for Bitcoin in relation to regulatory measures or significant policy measures. For instance, China’s move to ban ICOs sometime in 2017 saw a relative spike in interest.
Nonetheless, some analysts are skeptical of the sustainability of the spike in interest as relates to a bull market. This is because extrapolating the highs in trader activity to mean a run similar to the previous bull market is based on probabilities. As such, a market pullback in the near future is not completely unforeseeable.
However, the scale of such a retrace will likely be a bump rather than an obstacle in the bull market trajectory. Bitcoin trader Satoshi Flipper expressed these sentiments on Twitter.
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%.
— Satoshi Flipper (@SatoshiFlipper) May 11, 2019
There may very well be a bull market in motion. The length and highs of this trajectory are highly consequential to the future of cryptocurrency as a whole. Traders, on their part, seem to be fully on board the bull market train.