The past few days have been an incredible rollercoaster for Bitcoin and other cryptocurrency enthusiasts. The value of Bitcoin has surged to a new all-time high, and it appears this bullish trend will not relent anytime soon. In fact, there has been over US$1bn worth of Bitcoin trading volume over the past 24 hours, which is quite remarkable.
Traders all over the world have been keeping a close eye on the Bitcoin price chart over the past few days. Significant gains have been made in the Bitcoin price department, even though there was a major dip yesterday evening as well. No one knows for sure why the value crashed by over US$100 in mere minutes, but most of the losses have been recuperated already.
Moreover, it looks like the Bitcoin market is preparing for another major bull run as we speak. Although there is some major resistance around the US$1,600 price mark for the time being, it looks like things are starting to head in the upward direction once again. These are crazy and exhilarating times for everyone who is invested in Bitcoin and other cryptocurrencies.
With over US$1bn worth of trading volume across the entire Bitcoin ecosystem, things are looking quite impressive right now. While the days of major trading volume are nothing new, surpassing the US$1bn mark is quite significant for Bitcoin. Do keep in mind this volume only relates to Bitcoin and does not include any altcoin trading volume. It is quite impressive, that much everyone can agree on.
The bigger question is where all of this trading volume is coming from. Poloniex is the leading market for Bitcoin trading right now, generating nine-digit trading volume in the XRP, ETH, and LTC market. Contrary to what people may think, fiat currency trading is not the driving factor this major trading volume bump. The first fiat currency pair listed is Kraken’s BTC/EUR trading market, with over US$44.68m worth of volume. US Dollar trading is primarily coming from GDAX and Bitstamp, in that order.
It is quite interesting to see the altcoins generate more trading volume compared to fiat currency, though. Especially with Ripple leading the market, things have taken a very interesting turn. Interestingly enough, the popularity of the XRP/BTC market has also allowed the value of XRP to go up. Anyone who thinks people are selling altcoins and converting them to Bitcoin may not be seeing the bigger picture at play here.
It is also worth mentioning the South Korean Bithumb exchange is in the top five of trading markets based on 24-hour trading volume. Their BTC/KRW trading pair generated US$42.422m worth of volume according to Coinmarketcap. Moreover, the USD value of Bitcoin on that exchange is US$1,762, indicating consumers are paying a very steep premium to purchase Bitcoin with Korean Won.
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