BTC trading volumes and active addresses surpassed all-time highs at the end of 2017. Analysts suggest that the bullish trend of the cryptocurrency market is not over yet.
According to data from CryptoCompare, BTC trading volumes on eight major exchanges have surpassed $ 11 billion, a new all-time high, beating figures during the cryptocurrency rally in late 2017.
“This is primarily a sign of how big and mature the industry has become – there is a lot more money on the exchanges,” said Bendik Norheim Schei, head of research at Arcane Research. “It’s nice to see high volumes making the market more liquid and efficient.”
According to him, the increase in trading volumes due to the sale at the beginning of the week was partly due to the arrival of new investors in the market.
“Some of that volume is definitely attributable to new and inexperienced investors who enter the market for the first time and panic when the price starts to fall,” he said. “These corrections are necessary and useful even in a bull market.”
At the same time, the number of active Bitcoin addresses broke the previous record on January 8, according to Glassnode.
“Last week, a maximum of over 1.3 million BTC addresses were active in one day. This ongoing surge indicates an impressive new level of Bitcoin penetration and suggests that the number of active market participants has reached an all-time high, ”Glassnode said in a report.
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