Bitcoin has been able to continue extending its upwards momentum and has firmly established its newfound position within the $6,000 region, nearly erasing all of the losses that were incurred in late 2018 after the cryptocurrency failed to find support around $6,400 and was sent spiraling downwards before it found support in the lower-$3,000 region.<\/p>\n
Bitcoin is now approaching a critical price level that, if broken above, would confirm the start of the next bull market, which could lead to a gradual upwards climb that ultimately results in another parabolic movement that sends the cryptocurrency back towards, or even above, its previously established all-time-highs.<\/p>\n
At the time of writing, Bitcoin<\/a> is trading up over 5% at its current price of $6,415, up from its 24-hour lows of just below $6,100.<\/p>\n This latest leg of BTC\u2019s upwards surge has led it to the highest price level it has traded at in all of 2019, and has placed the crypto back at price levels that were last seen in early-November of 2018.<\/p>\n This recent upwards momentum has been driven by a steady increase in trading volume, which has surged nearly three times from where it was in March of this year.<\/p>\n According to Messari\u2019s<\/a> \u201creal 10\u201d 24-hour volume indicator, Bitcoin\u2019s current daily trading volume is at just below $800 million, up significantly from its real daily spot volume in late March, which was $270 million according to a report from Bitwise investments.<\/p>\n 2\/ First, key takeaways:<\/p>\n A. 95% of reported BTC spot volume is fake — Bitwise (@BitwiseInvest) March 22, 2019<\/a><\/p><\/blockquote>\n\n
B. Likely motive is listing fees (can be $1-3M)
C. Real daily spot volume is ~$270M
D. 10 exchanges make up almost all real trading
E. Most of the 10 are regulated
F. Spreads are <0.10%. Arb is super efficient<\/p>\n