Markets Update: Bitcoin's Daily Trade Volume Surpasses $5B

Bitcoin markets over the past week have seen some phenomenal energy and the past three days has been a thrilling run.

Also read: Bitpico Claims Segwit2X is Still Alive Despite All Evidence to the Contrary

After the Canceled Fork Announcement Bitcoin Trade Volume Spikes Exponentially

Action across bitcoin markets have been all over the place. For instance, on Tuesday, November 7, the price dipped below the $7K zone and rebounded back above that territory a few hours later. The very next day on November 8, immediately following the announcement that Segwit2x was canceled, bitcoin’s market value spiked to a high of $7,900 per BTC. The peak didn’t last long, and the price per bitcoin has been hovering between $7,100-7,450 over the course of the past 12-hours. The last few days bitcoin has been trading over $3B a day in 24-hour trade volume, but on November 9 the decentralized currency swapped over $5B in BTC trades. Presently, bitcoin’s value is trading at $7,150-7,210 across a variety of global exchanges.

As far as trade volume is concerned, Japan is still leading the pack, but not as much as it has been since our last markets update. In our last update, the yen was commanding over 60 percent of the market, but that statistic has dropped to 53 percent. The USD/BTC pair has increased significantly by capturing 10 percent more volume by currency this week at 33 percent. Most of the massive volume is currently being swapped between ten exchanges who are trading above $100M+ in bitcoin trade volume daily. The top five exchanges with the highest trade volumes worldwide include Bitfinex, Bithumb, GDAX, Bitflyer, and Bitstamp.

Technical Indicators

Charts and technical indicators have been crazy since the canceled fork announcement and watching order books, and significant Read More Here