Do high trading volumes mean the greens will stay?

Bitcoin price has hit an all-time high after a long time and hitting the five-thousand dollars mark ($5,000) even for brief moments deserves applause.

This is not the only news that’s rippling through investors, traders and other stakeholders alike. In the last 24 hours or so, with over eighteen billion dollars ($18bn) pumped into the markets the trading volume has gained a new peak of about fifty billion dollars at the time of publishing.

Bitcoin after having few glorious moments above the $5000 mark is now trading between four thousand seven hundred dollars and four thousand eight hundred dollars ($4700-4800).

On the other hand, predictions are coming true with the new surge in the market. The total influx of $18bn is thirty-six percent (36%) of the market cap as revealed by the coin market cap data. The data itself is quite controversial these days after the company accepted their data may not be accurate.

Regardless of the data validity, the $18 billion pump in the market is real and that is enough for major currency to take a lift from the market. Bitcoin has seen a twelve percent (12%) growth in one day which is enough to keep it stable above four thousand and five hundred dollars ($4500) mark for quite some time.

A comparison of the previous data also reveals that the current trading volume high is the largest since January of 2018. The trading volume has stayed capped on about thirty billion dollars ($30bn) for over a year. The new market cap has also provided the hope of greens to stay long term to the community.

The sudden rush came as a surprise to many including the CEO of Binance who tweeted.

While others are still skeptical of the sudden rush in the market. Expert Alex Kruger believes that anything above $4200 mark on bitcoin price is actually temporary volume that would return to the base later on.

Whether or not the bulls and greens would stay is a million dollar question the industry is asking, to be honest, there are all kinds of speculations circulating at the moment but only time can tell the direction cryptocurrency markets would take.