Crypto Market May Be Sailing In A Sea Of Red Today, But BTC Trading Volumes Are Reaching Record Highs
Coinmarketcap’s trading volume has reached a 300-day high concerning crypto volume trading, totaling $33.85 billion. The increase in treading volume seems to be due to a surge by the top 10 digital currencies, which make up over 90% of total trading volume in the crypto industry.
As for the underlying cause of the surge, some surmise that it may be due to more interest among investors and the finance sector.
During the first week of January of 2018, the total market capitalization was $814.31 billion. Over the course of a month, it decreased to $333.13 billion. May 5, 2018 was the next time the market experienced a peak, reaching $466.72 billion and it does not seem that the crypto industry has recovered to such highs since.
The good news is that there has been come recovery over the past two months, as the market has been improving steadily. The steady increase could be due to the use of crypto in the development world. According to Mati Greenspan, a eToro Senior Market Analyst,
“Bitcoin usage is especially high in emerging markets where the local economy is less stable” and “In South Africa, the number of new users trading bitcoin through eToro rose by 671% from January to the end of November last year over the same period in 2016, more than 574% overall growth.”
Right now, there are over 7 million bitcoin users worldwide.