- Last month, Coinbase saw its monthly Bitcoin trade volume soar to a 14-month high — with the trading platform facilitating 738,959.42 BTC worth of tx’s during the aforementioned time period.
- The largest amount of BTC ever traded on Coinbase (during a single month) was back in December 2017 when the exchange completed transfers worth 1,275,295.522 BTC during a 30-day time span.
According to data available online, Bitcoin’s overall trade volume on Coinbase — one of the world’s premier cryptocurrency exchanges — scaled up to its 14-month high during the month of May (2019). From a purely numbers standpoint, we can see that the US based cryptocurrency trading platform facilitated tx’s worth 738,959.42 BTC ( $5.9 billion approx.) last month.
These numbers showcase the largest BTC related activity that Coinbase has witnessed since March 2018. Not only that, it also represents the “sixth-most voluminous month for bitcoin trading” on the premier exchange since its inception.
Lastly, it should also be pointed out that the rise in Bitcoin’s aforementioned trade volume was accompanied by a 60 percent rise in the value of the flagship asset itself.
As can be seen from the chart above, the last 3 months have seen BTCs monthly trade volume rise in a slow yet consistent manner. It now remains to be seen what the future has in store for the flagship asset.
Bitcoin’s Yearly Returns Are Only Going Up, RhythmTrader Affirms
It is no secret that most people who know Bitcoin wish they bought it before they did. Bitcoin’s price ten years ago was basically nothing and now the asset is huge. Investing in BTC is a great idea and prices are going up this year, so traders are starting to be interested in it again. So far, Bitcoin has grown more than 100% this year.
Now, a prominent Twitter analyst known as RhythmTrader has suggested that no matter in which year you bought BTC, you always made a profit if you held it. He took data from the first year after Bitcoin was launched until the seventh, as you can see on his Twitter.
1 year: +4%2 years +194%3 years: +923%4 years: +3,039%5 years: +1,101%6 years: +6,320%7 years: +144,912%
No matter what year they bought bitcoin, everyone always wishes they had bought more.
— Rhythm (@Rhythmtrader) June 6, 2019
Basically, in the first year, Bitcoin only went up 4%, which is not a lot. In the second year, however, the prices went up 194% and then incredible 923% after that. At the fourth year, the prices were up by 3,039%, continuing the trend. In the fifth year, they went down to only 1,101% and then up again in the sixth, by 6,320%. After that, they went up 144,912% in the seventh year.
Obviously, he took 2018 out of the equation. Bitcoin did not really go up in all these years. If you bought it in December 2017, you are still at loss. Because of this, take his analysis with a grain of salt, as he is obviously defending BTC with incomplete data.
However, it is obvious that the trend is always up. There are some eventual crashes, but if you just keep holding your tokens, you will eventually see profits again, as most people believe that BTC will peak again until the next year and go even more up.
In fact, BTC has been so successful this year that many shows are discussing it. It did better than the famous S&P 500, for instance. At times like this, it is hard to speak against Bitcoin.
- Source: First Appeared Here
- Published Time: 2019-06-08 14:20:34
The views and opinions expressed in the article “Bitcoin Trade Volume Sees 14-Month High in May” as BTC Yearly Returns Are Only Going Up do not reflect that of 48coins, nor of its originally published source. Article does not constitute financial advice. Kindly proceed with caution and always do your own research.
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