Coinmarketcap, recently announced that it hit a 300-day high in crypto volume, which indicated a massive upward thrust. The crypto trading volume recorded a high of $33.85 billion. The collective cryptocurrency trading volumes have soared high, thanks to the surge witnessed by the top 10 digital currencies that comprise over 90% of the entire crypto trading volume. This surge may trigger interest among traditional financial establishments and investors.
The volume of crypto asset trading spiked during the first week of January last year accounting for a market capitalization of $814.31 billion and a 24-hour trading volume of $44.07 billion. In a span of one month, trading volume of the crypto space fell to a market cap of $333.13 billion, with a 24-hour window totaling to $39.04 billion.
The last major peak was recorded on May 5, 2018, with a market cap of $466.72 billion and a 24-hour volume of $25.34 billion, after which the crypto-space has failed to recover.
However, in the last two months, the crypto market has moved up at a steady pace, after falling to hold a $111.6 billion market cap and a 24-hour window of $16.55 billion.
At press time, the market cap of the entire cryptosphere was recorded at $134.91 billion and the 24-hour volume traded at $24.01 billion.
While Bitcoin’s popularity exploded during the Bitcoin boom in 2017, early adopters were very limited in number. Developing countries, which face economic and political challenges, have however witnessed a sharp surge in the number of people adopting Bitcoin and other cryptocurrencies. These countries include Venezuela, Iran and even India.
With respect to Bitcoin’s wider use around the world, eToro’s senior market analyst, Mati Greenspan tweeted,
“Bitcoin usage is especially high in emerging markets where the local economy is less stable.”
Last year, Greenspan also stated,
“In South Africa, the number of new users trading bitcoin through eToro rose by 671% from January to the end of November last year over the same period in 2016, more than the 574% overall growth.”
Presently, there are over 7 million active Bitcoin users around the world. This suggests that cryptocurrency use and adoption is ongoing, despite the crypto-winter.
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Chayanika holds a Journalism degree and is currently working with AMBCrypto. She is inquisitive about everything that the Blockchain Technology has to offer.