The euphoria surrounding the cryptomoney markets since December is palpable.
Bitcoin’s trading volume has doubled, while the largest cryptoney company has allowed itself a breakthrough above $40,000…
Bitcoin (BTC) trading volume doubles as its price exceeds $40,000
Bitcoin Trading Volume (BTC) at its highest level ever
The news was shared by Mati Greenspan, the analyst and founder of Quantum Economics. He explained that Bitcoin’s trading volume now far exceeds that of the last major bull run of Bitcoin (BTC) :
„Bitcoin’s trading volumes on all exchanges have just doubled from their previous record levels. »
On Binance alone, the 24-hour volume exceeds $5.2 billion for Bitcoin, according to CoinGecko data. Enthusiasm is therefore quite present, even if a strong correction seems to be on the horizon after these explosive few weeks. The quantity of Bitcoin sent to the exchanges is logically also on the rise, which could precede massive sales.
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Bitcoin exceeds $40,000 before correcting
It must be said that Bitcoin’s breakthrough has been particularly rapid. On December 8, the largest cryptomony had not yet surpassed $20,000. But a month later, it jumped briefly above $40,000. This new record was set on some platforms late yesterday. Immediately afterwards, however, the price of Bitcoin plummeted by almost 10%:
Bitcoin correction BTC bull run
At around 8:00 am this morning, the price remains above $38,000. However, Bitcoin’s very rapid takeoff made some analysts fear a sharp retracement. For example, Josh Rager, the founder of Blockroots, estimates that the BTC could lose 50% of its value and fall back to around 20,000 dollars, before rising again.
The analysis is shared by Gavin Smith, the CEO of Panxora Group, who told Reuters :
„The reality is that Bitcoin is far from being a magic money tree, nor is it immune to downward price movements. In fact, we can expect falls as high as 25% from time to time as investors take their profits. »