The prices of cryptocurrencies are still recovering from the devastating effects of the bearish market, but the activity within the crypto world continues to grow.
Crypto trading volume surges
On February 19th, the total volume was at around $33.70 billion. This is the highest that the total trading volume has been since April 25th, 2018, which saw a daily trading volume of $40 billion.
However, the current numbers are nowhere near those were recorded in the early days of 2018. Back then, the trading volume exceeded $68 billion, which is more than twice as large as the amount recorded yesterday. However, the growth is still very significant, as it indicates that the market activity is on the rise.
Another fact to consider is that the prices of coins are much lower now than they were back in January 2018. On January 4th, when the $68 billion-large volume was recorded, the price per Bitcoin was over $15,000. Yesterday, on February 20th, the highest that Bitcoin reached was approximately $4,000.
Bitcoin remains on average, Ethereum volumes spikes
Over yesterday, Bitcoin’s price did not experience any sharp move or any significant value change, while the coin is still struggling to breach the $4,000 resistance. It managed to do so earlier today, although the breach was immediately followed by a correction that brought it back down. On the other hand, Ethereum’s volume surged from its average $2.5 billion to as much as twice – $5 billion daily volume.
So far, today seems like a decrease in the daily volume, but yet to go. The total market cap is now $133 billion whereas Bitcoin’s market cap is almost $70 billion. The last equals Bitcoin dominance (over the altcoins) of 52%.
Have we seen the bottom?
There are a few signs that could indicate on end to a bear market. All of those have to be followed by high amounts of buyers’ volume. At this moment, it’s impossible to state we’ve seen the bottom of the current bear market, however, such green volume amount can positively contribute to getting closer to that reversal point.