Bitcoin Volume Nears Annual Low Again as Crypto Market Loses Over $5 Billion

[Goodcat49]

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.

The volume of BTC is an important signal of the short-term movement of the market due to the fact that since early August, 2018, Bitcoin has demonstrated a significant degree of stability supported with low daily trading operations. 

BTC Needs to Start Demonstrating Strength
As digital currency investor Roy Blackstone recently elaborated, BTC has to start demonstrating strength in the form of daily trading activity, volume, momentum and price movement such that other market remains afloat, on top of crucial support levels.

“It’s not alt season until:  ‘long term investors’ sell at breakeven, media hype machine starts, your best friend is getting rich off crypto, alt pumps across the board on exchanges like polo, bitcoin starts to show real strength.”

With BTC showing annual low volumes on a steady basis, the crypto exchange market isn't in a good stead to see a hasty rise in interest from speculators and retail traders.

While Bitcoin had recently sundered out of a downward trendline, the break out didn't last for long and Bitcoin fell from its monthly high of $6,700 to $6,400 again.

Read the details in the article of Coinidol dot com, the world blockchain news outlet: https://coinidol.com/bitcoin-volume-nears-annual-low-again/