Bitcoin Trading Volume Drops Again And Cannot Recover
Bitcoin trading volume continues to fall amid a bear market that is hurting the industry. On September 6, Bitcoin registered a trading volume of $6.8 billion dollars after the price dropped from $7,350 to $6,400 dollars.
But in the next days, the volume was not able to recover. Indeed, it reached a low point of $3.5 billion dollars. This is one of the lowest points in the last months. However, the trading volume ranged between $2.8 billion and $7 billion dollars in the last three months.
It is interesting to mark that the moments with the highest volume were points of inflection for its price. On July 25, the Bitcoin trading volume reached $7.4 billion dollars, and the price was close to $8,300 dollars.
Volume declined, and the price reached a new low of $6,000 dollars on August 14. This same day, the volume saw another spike reaching $6.6 billion dollars. The volume started to decline but the price of the famous virtual currency to increase, reaching almost $7,400 on September 5. Bitcoin trading volume has also spiked that day reaching $6.8 billion dollars.
Volume is now low. As mentioned before, it registered $3.5 billion dollars on August 8. In the near future we need to be very cautious about the next volume increase, since it can be linked to a change in the tendency in the price of the famous virtual currency.
At the moment of writing, Bitcoin (BTC) is being traded close to $6,200 dollars and has lost 4.27% in the last 24 hours. At the moment, Bitcoin has a market capitalization of $107 billion dollars.
Other currencies such as Ethereum (ETH) are losing almost 12% in the last 24 hours. Ethereum has been one of the most affected currencies in the last weeks. Its price fell under $200 dollars and now each ETH coin can be bought for $191 dollars.