Bitcoin markets are hyperactive these days, amid the highly bullish run of the most robust cryptocurrency, taking the daily trading volumes of Bitcoin to a new all-time high.
Currently, the Bitcoin price is touching the sky and showcases an immensely optimistic upward trend.
Bitcoin’s daily trading volume reaches an all-time high of $99 Billion.
The cryptocurrency metric site CoinMarketCap noted that the Bitcoin trading volumes surpassed all its previous record, and more than $99Billion worth of Bitcoin were traded in one day. The Trading volumes surged as Bitcoin reached the gigantic high of $41941, marking a new peak. Within a single day, the token price surged by $3500, which is attributed to increased trading. Bitcoin price is reaching a new pinnacle with every passing day, boosting the trading volumes of the crypto token.
Ethereum trading is also on the rise; however, it stands nowhere close to the trading volume of Bitcoin. Bitcoins trading volume is close to $97 Billion. However, that of Ethereum is around half of it at $46 Billion.
While Bitcoin is ruling cryptocurrency markets with its rising value, Tether stablecoin is still the most substantial token considering the daily trading volume as noted by The Decrypt. Tether traded $140 billion in the past 24 hours as it is the reserve currency in the cryptocurrency markets and is pegged to US Dollar.
The traders consider Tether more secure considering its high liquidity and easy trading as it is pegged on US dollars.
User Mati Greenspan cited a chart from Messari’s real volume metric, which showcases that the weekly spot volume of Bitcoin has doubled its previous high. Messari’s real volume metric showcases the aggregate and adjusted volumes of the leading exchanges like Coinbase, Binance, Kraken, itBit, and Bitstamp, etc. In the previous real volume data report around 2019, the weekly volume was more than $32 billion. Currently, more than $67 billion in BTC had changed hands.
As governments try to resuscitate their economies amid the coronavirus pandemic by pumping in more money, investors and traders have started relying on cryptocurrency to counter market volatility. The price of Bitcoin has almost doubled in its value in just one month and is more than 400 percent of its value a year ago.
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