Crypto Weekly Trading Volume Soars To All-Time Highs (ATH) As Bulls Target $300 Billion Market Cap

Saturday 18 January 2020, 11:45 AM AEST - 8 months ago

Crypto Weekly Trading Volume Soars To All-Time Highs (ATH) As Bulls Target $300 Billion Market Capadvertisement

Total cryptocurrency trading volume hit an all-time high (ATH) of $176 billion USD on Wednesday as the market recorded its highest weekly trading volumes. According to the reported data on Coinmarketcap, the total volume traded over the past week hit a record cumulative figure of over $800 billion USD, signaling a reawakening of the bulls and a possible breach of $300 billion in the coming weeks.

Over $800 billion USD traded in the past 7 days

It all started with Bitcoin (BTC) crossing the $8,000 psychological threshold at the start of the year as the market prepares for the block reward halving in May. Fast forward to Wednesday this week shows the cryptocurrency market witnessed an obscure growth in daily trading volumes from $77 billion USD to $163.65 billion USD, setting the highest ever daily trading volume recorded.

The cumulative trading volumes of the cryptocurrencies over the past week soared to an all-time high of $801 billion USD, representing a 41% soar from the past weeks volumes.

Image: Coinmarketcap

The rise in Bitcoin ignited a bullish momentum on the market setting altcoins in a mega bull run that saw some top coins gain over 100% in the past week. Bitcoin SVs spiked to an all-time high price of $435 USD Ethereum Classic (ETC) soared over 100% in a week to $11 USD from sub-$6 USD levels and Tron (TRX) broke into the top ten for the first time in 2020. These signals a possible bullish momentum is on the way.

Moreover, Bitcoin (BTC) and Tether (USDT) remained as the largest contributors to trading volumes through the week with over 60% of the trades completed.

Could this be a signal of an upcoming bull run in the cryptocurrency market?

Is the crypto market poised for a $300 billion market cap in Q1?

The spike in volumes in the current bull run signals a possible momentum acceleration of the uptrend in the near term as traders and investors continue to show confidence and invest in the market. Bitcoin and altcoins alike are setting bottoms signaling the end ...

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