HomeBitcoinBitcoin's 'real' volume doubles previous all-time high

Bitcoin’s ‘real’ volume doubles previous all-time high

-

[ad_1]

Bitcoin’s meteoric rally to $40,000 has seen BTC smash its previous all-time high for ‘real’ volume by roughly 100%.

On Jan. 7, Quantum Economics founder Mati Greenspan shared a chart showing that weekly spot volume has surged to double its previous high — according to Messari’s “real volume” metric — with more than $60 billion worth of BTC changing hands over the past seven days.

Messari’s “Real” volume metric was launched to aggregate and adjust the volumes of the top exchanges it believes report legitimate activity — Binance, Bitfinex, Bitflyer, Bitstamp, Bittrex, Coinbase Pro, Gemini, itBit, Kraken, and Poloniex.

The metric was updated in May of 2020 to include an adjusted score for top Asian exchanges including Huobi, OKEx, Gate.io, Bithumb, UpBit, CoinOne, and Liquid using an adjusted score based on information provided by 10 third-party crypto data aggregators. It also includes a 50% adjustment to the reported volume from Korean and Chinese platforms.

At the time of writing, more than $67 billion of BTC had changed hands this week, according to the metric.

“Real” Bitcoin trading volumes: Messari

The previous real volume record was posted during mid-2019, when weekly volume exceeded $32 billion as the price briefly reclaimed the five-figure price-range after sinking below $4,000 at the start of that year.

Other crypto data providers are also reporting record volumes for BTC, with CoinMarketCap estimating that more than $85 billion worth of Bitcoin changed hands in the last 24 hours alone, while CoinGecko reported $77 billion in daily trade.

According to Skew, Bitcoin futures contracts have produced more than $97 billion in 24-hour trade.

Aggregated daily BTC futures volume: Skew

Greenspan said markets were seeing “monster volumes”.

“Volumes on the Bitcoin blockchain have also been building up steadily over the last few months and are now much higher than they were during the 2017 and 2019 rallies.”

[ad_2]

Source link

LATEST POSTS

Cardano faces $1.60 resistance after ADA price hits 2-month highs

Cardano's ADA token came close to its highest in two months on Aug. 10 as daily gains neared 6%.Data from Cointelegraph Markets Pro and...

Teller Finance deploys mainnet on Polygon, migrates 2,200 NFTs

Teller Finance, a non-collateral lending protocol for the DeFi market, has officially deployed its mainnet on Polygon, marking a significant milestone in its quest...
[td_block_social_counter style="style8 td-social-boxed td-social-font-icons" facebook="tagdiv" twitter="tagdivofficial" youtube="tagdiv" custom_title="Follow us" block_template_id="td_block_template_11" border_color="#fbb03b" f_header_font_size="eyJhbGwiOiIyMCIsInBvcnRyYWl0IjoiMTgifQ==" f_header_font_weight="600" f_header_font_family="702" f_header_font_transform="uppercase" tdc_css="eyJwb3J0cmFpdCI6eyJkaXNwbGF5IjoiIn0sInBvcnRyYWl0X21heF93aWR0aCI6MTAxOCwicG9ydHJhaXRfbWluX3dpZHRoIjo3NjgsInBob25lIjp7Im1hcmdpbi1ib3R0b20iOiI0MCIsImRpc3BsYXkiOiIifSwicGhvbmVfbWF4X3dpZHRoIjo3NjcsImFsbCI6eyJtYXJnaW4tYm90dG9tIjoiMzAiLCJkaXNwbGF5IjoiIn19"]

Most Popular

spot_img