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Title: [2018-10-20] Bitcoin Volume Nears Annual Low Again as Crypto Market Loses Over $ Post by: Vladdirescu87 on October 21, 2018, 11:57:49 AM Bitcoin Volume Nears Annual Low Again as Crypto Market Loses Over $5 Billion
Over the last two days, trading volume of Bitcoin has dropped considerably from more than $5 billion to $3.8 billion, and is rapidly approaching ts annual low. On CoinCap.io, ShapeShift’s cryptomarket data provider, the volume of Bitcoin (BTC) stays at nearly $2.54 billion. When the volume of Bitcoin falls by nearly 15% in the coming days, then that means that the new annual low could automatically be hit. Read the details in the article of Coinidol dot com, the world blockchain news outlet: https://coinidol.com/bitcoin-volume-nears-annual-low-again/ https://coinidol.com/upload/resize_cache/iblock/a60/900_900_1/a60fedee626cec43d0a6a3d1dc87de7d.png Title: Re: [2018-10-20] Bitcoin Volume Nears Annual Low Again as Crypto Market Loses Over $ Post by: buwaytress on October 21, 2018, 02:05:16 PM Article starts off by saying another 15% drop and it would be at a new annual low. Can't be bothered to check if that's accurate, but if we're at 15% above old lows, we're not really approaching anything. A lot less flesh once we're starting to ask Bitcoin to "demonstrate its strength" again, as the writer puts it, and he's ignoring all that volume that's picking up and off the charts he's using - p2p exchange, for example. Or those exchanges on off-chain transactions.
Once LN gets underway, this volume might even drop. That might actually be because Bitcoin's flexing its strength... Title: Re: [2018-10-20] Bitcoin Volume Nears Annual Low Again as Crypto Market Loses Over $ Post by: pixie85 on October 21, 2018, 03:35:41 PM It's a normal thing for market consolidation. Open any consolidation chart and look at the volume. There's always a period when the market slows down and gets ready to spring back up. It can take weeks but it can also take years.
http://www.tischendorf.com/wp-content/uploads/2010/10/AUMN-Golden-Minerals-Bullish-Flag.png Doesn't Bitcoin chart look a bit like this one? Look at the volume in July and August. It was declining to finally start waking up in September. Bitcoin is at the same spot, but consolidation doesn't have to end with a bullish breakout. It can also be bearish and lead to a lower low. Title: Re: [2018-10-20] Bitcoin Volume Nears Annual Low Again as Crypto Market Loses Over $ Post by: Betwrong on October 22, 2018, 10:54:48 AM Article starts off by saying another 15% drop and it would be at a new annual low. Can't be bothered to check if that's accurate, but if we're at 15% above old lows, we're not really approaching anything. A lot less flesh once we're starting to ask Bitcoin to "demonstrate its strength" again, as the writer puts it, and he's ignoring all that volume that's picking up and off the charts he's using - p2p exchange, for example. Or those exchanges on off-chain transactions. Once LN gets underway, this volume might even drop. That might actually be because Bitcoin's flexing its strength... What I've been always interested in is what is the share of such exchanges in the overall Bitcoin trading volume. Although it's obviously impossible to pin down the exact percentage, maybe there is a chance to evaluate it at least approximately. No doubt there are many of p2p/off-chain transactions happening regularly, but I personally think that their volume can be negligible if compared to the known to everyone over 3 billion USD Bitcoin's daily trading volume. I'd like to emphasize that what is interesting here is the volume and not the number of the transactions in question. It's a known fact that gambling sites, for example, process millions of off-chain transactions daily, but I think that their overall volume is not that big if compared to 500k BTC or so, shown on CoinMarketCap. |
