BTC History Made as December 20 Was the Highest Volume Day in Bitcoin’s History at $2.3 Million
It seems that Bitcoin has registered the highest daily volume in history on December 20. According to data provided by Crypto Quantamental, a crypto analyst on Twitter, this was the day in which Bitcoin had the highest trading volume ever.
A total of 2,266,735 BTC, close to $9.1 billion, changed hands just this day. This is even larger than previous registers on December 7, 2018, with 1,972,040 BTC moved and June 6, 2018, with 1,891,130 BTC transacted.
THIS WAS THE HIGHEST VOLUME DAY IN BITCOIN HISTORY. IT WASN'T EVEN REMOTELY CLOSE!
Simple as that (7/N) pic.twitter.com/6NOtVWCvLm
— Crypto Quantamental (@CryptoQF) December 21, 2018
This is very interesting for Bitcoin and the whole crypto market. A few weeks ago, Bitcoin was traded close to $3,250 and several analysts were predicting lower prices for the popular virtual currency. Between August and November Bitcoin was traded close to $6,300 and in a tight range between $6,000 and $7,000.
Although Bitcoin registered the largest trading volume for just a day, Bitcoin remains 80% down from its all-time high registered in December 2017. Additionally, it is down more than 35% since November.
At the moment, Crypto Quantamental does not know whether the bounce that Bitcoin experienced during the last days is really the bottom or just another fake reversal in a bear trend.
In a recent blog post, the analyst wrote:
“In fact, I wouldn’t ‘claim’ bottom until (around $6,000), many bears won’t until (around $10,000), and there will be plenty that won’t until we reach (all-time highs). So to be clear, I am NOT calling a bottom here.”
Galaxy Digital, Mike Novogratz’s bank, sent a letter to its clients informing that the current bounce could be related to the end of the bear market that is affecting the space since the beginning of the current year.
Due to the fact that the price of the most important virtual currencies fell to new lows in more than a year, several miners were not able to keep their operations and had to sell their mining hardware.
Now, Bitcoin is being traded under $4,000 and it has a market capitalization of $60.25 billion.