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Cryptocurrency trade turnovers go to highs

02/22/2019
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Several analytical centres immediately note a rapid growth in cryptomarket turnover. For the last month, the daily volume approached $ 29 billion. According to DataLight and CoinMarketCap, these figures were last recorded in the spring of 2018.

Cryptocurrency turnover statistics

The researchers note that the upward trend in cryptocurrency trading volumes is supported by the demand for the most liquid assets. So, Bitcoin has become more popular twice, and ethereum has grown by this indicator by 150%. At the same time, more than 88% of the total turnover accounted for the ten largest sites. First of all, they were able to solve the problems of safety and comfort for consumers. In particular, there is increased activity on the Lightning Network. This add-on to the bitcoin blockchain allows conducting fast micro-operations with minimal fees.

The record turnover of cryptocurrency fell in January 2018. Then, with a BTC/USD couple rate of about $ 20,000, daily sales and purchases reached $ 68 billion.

The highest volume indicator of the last month is $ 33.85 billion per day. At the same time, bitcoin and ether accounted for about $ 9 billion each. Such activity had a positive effect on the cryptocurrency rate. BTC/USD rose to $ 3,961, and ETH/USD rose above $ 140.

Causes of cryptocurrency turnover growth

According to the situation, deferred demand began to operate. In January 2019, two significant events were planned at once. It was expected that the SEC would approve the launch of the Bitcoin-ETF fund, and the Constantinople hardfork will be held in the Ethereum blockchain. However, the expectations were deceived. The SEC has not made a final decision, which is reflected in the cryptotrade volume.

Due to the suspension of the government, the Securities Commission was unable to consider an application from VanEck and SolidX. However, it got another one, from Bitwise Asset Management. SEC Commissioner said that sooner or later a positive decision would be made.

The situation with Ethereum hardfork will not be resolved either. After a series of transfers due to technical failures, the next launch of Constantinople will take place on February 27. Although vulnerabilities have already been found in the blockchain, the developers hope to fix them before the specified time. Nevertheless, investors are tired of waiting, they have already gained confidence in solving the known problems.

Further development of the situation

According to the current situation, the increase in crypto trade turnover indicates the end of the “bearish” trend. The market is tired of waiting for the influx of buyers, and the bravest have already begun to act. According to ForkLog, the number of orders for sale on the cryptocurrency exchange reached a six-month minimum. Investors are increasingly actively opening "long" orders.

Schedule of the total market capitalization provides information for consideration. It seems to have found key support at around $ 100 billion. The general trend suggests that even the media have changed their attitude towards digital financial assets. More and more publications are reporting a trend reversal.

We can draw one conclusion out of these facts. The period of falling prices for cryptocurrency ends. It seems that now is the best moment for purchase.

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