Bitcoin frenzy – Trading volume is up!


Bitcoin reached a high of $1,153.02 yesterday. Coming within reach of its all-time high it dropped to a low of $887.47 again. The Bitcoin rally is still going on, the price is going up and down fast at the moment ($978.25 at time of writing).

Some people are afraid that this will be the same rally as in late 2013, when Bitcoin went sky high after falling down to the bottom. A rep from Huobi (which has a quarter of the world’s bitcoin volume) said the following to Coindesk;

“In 2013, when the price was 8,000 yuan, the weekly trading volume was 393,000 BTC, with an amplitude of the week up to 103%. The trading volume was very small. Today, bitcoin [prices] broke 8,000 yuan with 735m BTC trading volume, which is expected to double in a week. Current trading volume is 37x of that in 2013 and bitcoin price fluctuates 15.95%, which is much more stable than the year 2013.”

We just have to wait and see what will happen next 🙂