7-Day Average Bitcoin Trading Volume Has Remained Fixed Around $5 Billion Recently
According to the latest weekly report from , after staying at low values for much of 2022, the BTC trading volume looks to have found some ground at high values recently.The “daily trading volume” is an indicator that measures the total amount of Bitcoin being transacted on the blockchain on any given day.
Related Reading | Bitcoin Exchange Reserve Has Now Reached An Equilibrium After 2 Years Of Downtrend
The indicator seems to be at high values for 2022 right now | Source:As you can see in the above graph, the Bitcoin trading volume seems to be around $5 billion right now, and has been around this value for some time now.
Related Reading | Why Is Bitcoin So Volatile, Anyway? Fidelity Digital Assets Explains
However, a few times in the year already the metric has shown similar surges, but the volume always died down soon after. If Bitcoin isn’t able to make any significant price moves in the near term, the volume may once again sink down as traders start becoming disinterested, just like the instances earlier in 2022.Low volume can be quite problematic for the crypto since any big price move requires a sufficiently large amount of traders participating, but as during periods of low volume the activity is low, a big price climb won’t sustain for too long.
BTC Price
At the time of writing, Bitcoin’s price floats around $41.9k, down 4% in the past week. The below chart shows the trend in the price of the coin over the last five days.
Looks like the price of Bitcoin has surged up over the past 24 hours | Source:
Featured image from Unsplash.com, charts from TradingView.com, Arcane Research