BTC Trading Volume On Coinbase Hits A Yearly High

The latest cryptocurrency news show an increase in the BTC trading volume on the exchange Coinbase – which recently hit a high of 263,000 on May 12 – a volume that has not been seen since February 4, 2018.

As of recently, the BTC trading volume has been up. What’s interesting is the fact that Bitcoin has reached similar levels in November with a peak of 259,000 on the 18th that month. The Bitcoin price was sitting at around $7,800 at that time in a similar sentiment like the current one. However, these gains are larger than the similar peak on November 18 when Bitcoin was hovering around $4,410.

When it comes to the overall volatility, however, there is a lot of similarity between the spikes in May and November. As many best cryptocurrency news sites show, the BTC trading volume in May 12 and November 18 saw volatility ratings of 16.7 and 10.3 respectively, with February 4’s volatility sitting at a fascinating 54.7

As we reported earlier this year, three weeks after the volume high (in February), Coinbase announced that Bitcoin transactions were not consistently available on the exchange. The exchange clarified the things around the Bitcoin trading volume and addressed the issue on its website. As reports featured in the altcoin news shared that time:

“A recurring issue with one of our processes is causing Bitcoin buys and sells to become temporarily unavailable. Our team is investigating and working to restore full service as soon as possible. Coinbase customers may experience intermittent outages of BTC buys and sells over the duration as we resolve this issue. We apologize for any inconvenience this may cause.”

Despite the fact that this is not the best period for Bitcoin, the BTC trading volume shows that it is actually a solid time for the strength of the cryptocurrency in general. At the moment, Bitcoin is sitting still below the $8,000 mark and trading at $7,917 with a market cap of $140 billion and dominance which is stable for a couple of days straight, sitting at 55.6%.

Right now, analysts believe that we can expect a positive sentiment in the coming days – one which would trigger the altcoins to also post gain and be featured in the coming altcoin news.