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The volume of Bitcoin on exchanges has doubled as the largest cryptocurrency recently crossed above $40,000. This suggests that more traders are looking to sell their assets as the price continues to hit record levels.
Bitcoin Trading Volume At Its Highest Point
The euphoria that has surrounded the Bitcoin market since December has been remarkable. The leading coin has continued to surpass all expectations, and more mainstream traders have started buying the coin.
Exchanges have been the biggest gainers as more volume has found its way to various trading platforms. Popular crypto analysts Mati Greenspan revealed yesterday that Bitcoin trading volume is at its peak. According to Greenspan, the current volumes far exceed that of the last great bull run of 2017.
Bitcoin volumes across exchanges has just doubled it's previous all time highest level. pic.twitter.com/Hl5T4N4Sck
— Mati Greenspan (tweets ≠ financial advice) (@MatiGreenspan) January 7, 2021
On Binance alone, the 24 hour Bitcoin volume exceeded $5.2 billion, according to data from CoinGecko. The enthusiasm remains high despite the threat of a strong correction on the horizon. The quantity of Bitcoin sent to exchanges is indeed increasing and could cause a dip in the market.
Bitcoin Surpasses $40k mark
It must be said that the breakthrough of Bitcoin has been faster than many thought. As of December 8, the largest cryptocurrency had yet to exceed $20,000, leading to fears of a massive correction. Forward a month later, and BTC has exceeded the $40,000 mark in a 30 day period of daily upward movements.
The record was set on many platforms at the end of yesterday, and immediately the price plummeted by almost 10%. Trading at around $38,000 in today’s early hours, Bitcoin began a new surge towards $40k. In the past hour, the leading coin passed the $40k mark and quickly moved towards $41,000. At the time of publication, Bitcoin has created a new all-time high of $41,427, according to CoinMarketCap.
As expected, the news has generated many positive comments from top stakeholders in the blockchain industry. There are increasing predictions that the price of Bitcoin will hit $50,000 before the end of the month.
However, some analysts are cautious about the massive rise of the leading currency. Gavin Smith, the CEO of Panxora Group, revealed to Reuters that Bitcoin is far from a magic money tree. “The reality is that Bitcoin is far from being a magic money tree, nor is it spared from downward price movements. In reality, one can expect drops as high as 25% now and then as investors withdraw their profits.” He said.