• Thu. Feb 29th, 2024

Bitcoin Breaks 2017’s Record With New Trading Volumes

Phillip Seefeldt

ByPhillip Seefeldt

Jan 12, 2021

Statistics show that Bitcoin’s trading volumes increased over the past weeks. 2017 stands as the year people got exposed to and started to understand Bitcoin, despite its creation several years before. 2017 and 2020 show some significant similarities because the digital asset hit new highs in those years and attracted more buyers. While 2017 held retail buyers, 2020 pushed in some substantial volumes with its class of institutional monies.

After breaking the $20,000 record, Bitcoin impressively brought all-time highs in 2020. Now in 2021, the crypto once again broke its 2017’s trading volumes and address holders record. The digital asset, which recently dropped to $35,000, is persistently driving in higher volumes than before, linked to Paypal’s addition to the crypto industry.

Bitcoin breaks some record

Analysts reveal that the bull run is getting stronger even with the drop-in crypto value. Based on statistics, Bitcoin’s total trading volume on the most prominent exchanges show that the digital asset recently exceeded the $11 billion mark, establishing a new record and breaking its older one.

A crypto researchers spoke on the new record, and he opined that the new trading volumes show that the industry is getting bigger and matured even more than 2017’s growth. The new works coming in impressed the analyst who foresaw a possible expansion of the digital asset. He also added that he was happy with the new volumes as Bitcoin is becoming more efficient.

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Bendik Norheim Schei explained that the current sell-offs the industry faces caused the increment in trading volumes. He pointed out newbies in the community, who bought crypto mainly for profit-making, caused the price drop and the sell-off. Interestingly, not only Bitcoin dropped during the sell-off, other significant cryptocurrencies faced value loss, signaling a bearish trend growing. The researcher linked the fluctuating prices to the investment decisions of inexperienced crypto investors who sell-off when prices start to drop. Schei revealed that the negative correction is essential and inevitable even with a growing market.

Active Bitcoin addresses on the increase

The crypto giant records a change in active addresses along with the large trading volumes. Glassnode shared the information about how the record was broken and said last week, over 1.3 million addresses were active in a single day. Glassnode revealed this on Monday, announcing this iconic feat. The data company explained that the rise means an impressive level of new adoption with new trading volumes increasing and that the market is becoming more extensive than before.

There is tension in the crypto industry, primarily due to adverse price corrections that presently affect most crypto prices. Several factors that affect pricing in an industry show that price change is inevitable, causing investors to change positions and probably sell-off for profits.

Old players in the sector are accustomed to the regular price changes, and they do not get carried away by attractive new prices. New investors usually sell-off at any point when the value drops for fear of not losing all their assets. Bitcoin still gives off an encouraging outlook despite its continuous drop.

Phillip Seefeldt

Phillip Seefeldt

Phillip Seefeldt is a skilled and perceptive news writer known for his comprehensive analysis and engaging writing style. With a commitment to accuracy and a deep understanding of current affairs, his articles provide readers with insightful perspectives and thought-provoking insights.

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