Bitcoin Trading Volumes Off the Scale
There has been a bit of a blip in the altcoin market today but Bitcoin is still roaring ahead. Up to 42 Billion Market Cap now. Over the last few months I have been tracking trading volumes by exchanges and plotting them by country. In recent days Bitcoin Volumes are off the scale across the board. What is driving this?
Trading Volumes
In this first graph I have plotted the trading volumes over time for the main exchanges using data from coinmarket cap.
Of course location of exchange does not directly imply adoption in that particular country but it does give an indication of which regions of the world have a growing interest.
1 Billion Dollars
There are still 7 coins above 1 Billion Market Cap.
I am beginning to see Bitcoin more and more in everyday places. The following article is just one example, Fidelity Integrates with Coinbase, Mines Bitcoin and Accepts Bitcoin at its Cafeteria
Todays Trading Volumes by Location of Exchange
Volumes are off the scale in recent days. New money coming into the space?
Until the last few days I thought that bullish altcoin prices were just Bitcoin money sloshing around the Alts, but I am beginning to think the only thing that could be driving such a sustained bull run is new money coming into the space. It is notable though that 920m of the US volume in the following table is on Poloniex. That could be speculation or using Bitcoin as the onramp to other coins and buying them through Poloniex. The worrying thing here is such a concentration of trading volume on one exchange. Do you keep your coins on an exchange? Consider moving them to a wallet to limit your counterparty risk.
Thank you for reading this. I write on Steemit about Blockchain, Cryptocurrency, Travel and lots of random topics.
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Great info, Thank you.
Great article. I believe this is just the beginning for bitcoins and other altcoins.
Thanks richguy. Me too. If your new to crypto don't rush in learn your way. Steemit and Steen is an ideal way to get started.
Thanks for the update. Been investing little bits here and there in bitcoin for a while. Wished i had chosen ethereum for these past few months though
The way your doing it is best to get started. In my opinion it's still very early for many alts. You haven't missed the boat.
It appears bitcoin is unstoppable at the moment.
It could be people selling alts and there is likely to be a correction but long term I think it's a winner.
It's scary and fascinating to watch. I'm not holding much to I have little to gain, but little at stake either. Some people will be getting rich but theres bound to be some losers too. Some very obscure altcoins out there with huge market caps.
There is little reality reflected in the prices. Much is speculation. Not holding much either but it's fascinating to watch.