It’s also true that any significant price move attracts more traders in return as interest in Bitcoin goes up. Thus, it fuels itself to keep going. In cases when the volume hasn’t surged up in response to a move, the move hasn’t lasted for long before dying off.
Now, here is a chart that shows the trend in the BTC trading volume over the past year:
On Monday, the daily trading volume amounted to around $13 billion in Bitcoin travelling on the network. This is the highest the value of the metric has been since the 4th of last December.
It now remains to be seen whether the fresh spot volumes will remain to the next week, or if the market will once again fall back to sleep when the selloff is over.
Bitcoin’s price has now crashed down to lesser values than the low formed in summer 2021. At the time of writing, the coin trades around $28.1k, down 28% in the last seven days. Over the past month, the crypto has lost 29% in value.
The below chart shows the trend in the price of the coin over the last five days.
The value of the crypto seems to have crashed down over the last few days | Source: BTCUSD on TradingView
Featured image from Unsplash.com, charts from TradingView.com, Arcane Research