The price of Bitcoin has been on a wild surge lately and recently struck a year-high of $502 on November 4th before the unpredictability saw prices take a dip this past week to a price of $363.88 at the time of publishing.
While Bitcoin pricing remains indecisive, it’s significant to note that Bitcoin trading volume reached record highs in a period that saw the largest volume of bitcoins traded. Ever.
As Bitcoin price surged to reach a then-year-high and a closing price of $328.65 in the Bitstamp price index on October 30th, 2015; a record 2.49 million bitcoins (an all-time high) were traded on the same day, according to data from Bitcoinity. That’s over a sixth of the total 14.8 million+ bitcoins currently in circulation. Chinese exchanges recorded 93% of total volume traded on the same day.
The day leading up to the highest bitcoin price of $502 on November 4, 2015, also saw 2.39 million BTC traded on November 3 while trading volume scaled even higher on the 4th to reach 2.43 million bitcoins traded.
The first 7 days of November also marks the highest trading period for bitcoin ever by average daily volume at approximately 2.06 million BTC traded every day between November 1- 7th.
The daily averages stem from a total of 14.42 million BTC traded during the week. This figure is nearly equal to the total number of bitcoins in circulation.
As many experts speculate, high price premiums in China; suggestions of a possible pyramid scheme accepting Bitcoin in the country that led to the director of the IMF telling banks they have little to worry with Bitcoin; the falling Yuan and an exodus of capital from China are all seen as factors for the rise in the demand for the cryptocurrency.
Images from Shutterstock and Bitcoinity.