Crypto trading volumes reach an all-time high
Daily trading volumes on the global cryptocurrency market reached a historic high of over $ 89 billion this Wednesday.
While the share of fake volumes in the spot market continues to raise doubts, but it’s not the fact of falsification, that can serve as a guide for Chicago-based Bitcoin futures calculated in Chicago Commodity Exchange (CME), where the number of open contracts jumped from about 2,000 to 12,015.
Bitcoin trading volumes on 10 exchanges, which Bitwise recognized as genuine, also rose from $ 300 million to $ 1.7 billion. The OpenMarketCap service, collecting data only from the “trusted” exchanges, estimates the market turnover for the last day at $ 5 billion, of which more than 40% of it's on bitcoin.
Even assuming that a significant part of the declared volumes is a fiction, one cannot deny that in the last 2 days there has been a considerable jump in activity in the crypto market. Many cryptocurrencies increased during this time by 30%, and some - by 100% or more. For example, Bitcoin Cash on April 2 in the first half of the day was trading below $ 170, and now it is above $ 320.
Bitcoin itself made another breakthrough on this Wednesday, not stopping after passing through the level of $ 5,000 and reaching a local maximum at the level of $ 5,153, according to an inter-exchange indicator CoinMarketCap.
For comparison, at the peak in early 2018, when the segment’s capitalization was approaching $ 1 trillion, the stated average daily trading volume was about $ 45-50 billion. Obviously, at that time the problem of promoting trading platforms using falsification existed but was not so pronounced. Now the total cost of more than 2,000 cryptocurrencies tracked by CoinMarketCap is $ 180 billion - a little less than before the November decline.
If we rely on the number of search queries related to Bitcoin on Google, the popularity of cryptocurrency is still many times lower than at the historical price maximum, but this figure has also increased significantly compared to the last week of March.
The minds of market participants continue to occupy the reasons for what is happening. One analyst suggested that the rise in prices on the digital assets market, which has been in a downtrend since the beginning of last year. Maybe due to the activity of large players who have accumulated a significant amount of cryptocurrency using over-the-counter platforms and are now willing to move the price up on the spot market, complemented by the massive elimination of marginal positions of skeptics.