Last week’s bitcoin price surge, initiated a chain react across all major bitcoin exchanges and bitcoin’s trading volume reached its highest point in since late 2014. So, so did the price surge enkindle the rise in the trading volume? or did it go the other way round; the boosted trading volume pushed bitcoin price “to the moon”?
Bitcoin Trading Volume Rising Across All Major Exchanges:
According to blockchain.info, the bitcoin/USD exchange volume reached $42,637,208 on the 5th of November, the day that witnessed a price high of $447.47 on Bitstamp. Although the price exceeded $500 on the 4th of November, the trading volume wasn’t as high as it was the following day. In my opinion, this huge volume was secondary to “profit harvesting” behavior of traders who decided to exit their long positions to take their profits.
According to Coinmarketcap.com, 22.7% of last week’s trading volume was executed on Bitfinex, as more than $12 Million worth of bitcoins were exchanged on Bitfinex’s platforms. OkCoin contributed around %17 to the total trading volume, with more than $9 Million worth of bitcoins traded on its platform last week. On the other hand, around $9 Million worth of bitcoins were traded on Bitstamp last