Bitcoin, the world’s largest cryptocurrency is holding its position strongly in the bullish trend in the market. It is really a good thing for the Bitcoin and its traders or investors. The last year was tough for the Bitcoin’s value and its traders in the market and they experienced drastic loss. But, this year is definitely different for the bitcoin’s value in the market and its price is increased by 117% now from its start in January.
Bitcoin’s value has touched the mark of $8,000 today. This bullish in the price of the Bitcoin has also provided the momentum to the cryptocurrency’s exchange volumes and other crypto-based investments businesses. The market capitalization of the cryptocurrency market was around $111 billion in January and now it has increased up to $237 billion, which is a recorded increase in the value around $126 billion in just 5 months.
The other cryptocurrency exchanges are also experiencing the rise in their volumes such as BitMex, Grayscale’s Bitcoin Investment Trust (GBTC) and the CME Bitcoin future market.
The CEO of BitMex, Arthur Hayes has announced in a tweet on May 12, that the exchange has achieved the regular volumes of $10 billion, which a new record set by enormously used margin trading stage.
On the other hand, the CME Bitcoin futures market has recorded an increase of $1 billion in trading volume on Monday. In the past, the highest increase the market has experienced was around the value of $546 million in bitcoin’s regular volume.
New record for BitMEX trading volume. Praise be to volatility and our wonderful traders! pic.twitter.com/iLMGdpz65n
— Arthur Hayes (@CryptoHayes) May 12, 2019
In a report published by Bloomberg in April, the CME stated,
“CME Bitcoin futures hit a record 22,542 contracts traded on April 4, equivalent to 112,710 Bitcoin with a notional value of $546 million, according to a release from the derivatives exchange operator. A majority of the trading volume on that day came in Asia hours with 12,634 contracts traded.”
On May 14, 2019, CME Bitcoin futures has tweeted that they bitcoin’s volume has achieved an increase of $1 billion, doubling the increase of their previous month’s high record.
The Multicoin Capital General partner, Vinny Lingham also observe the increase in exchanges volume and parabolic phase of Bitcoin and he commented that Bitcoin could reach up to the value of $20,000 in the upcoming future.
What part of – "I'm bullish on Bitcoin if it breaks and holds $6200 for 24-48 hours" is ambiguous? Yes, I'm now bullish on Bitcoin. Do I think we hit $20k in the next month? Absolutely not, but, anything is possible…
— Vinny Lingham (@VinnyLingham) May 13, 2019
“What part of – ‘I’m bullish on Bitcoin if it breaks and holds $6,200 for 24-48 hours’ is ambiguous? Yes, I’m now bullish on Bitcoin. Do I think we hit $20k in the next month? Absolutely not, but, anything is possible.” He further added, “The only major concerns I still have right now are 1) feel stability/ inflation impacting the network, 2)if Satoshi’s coins ever moved. Other than that, it’s entirely likely that we are at the start of a recovery and then on to test new Bitcoin highs. It might take a year or so, but we’re going to test $20k again at some point in the near future.”
As the tensions are increasing between the most powerful governments such as the U.S. and China and the trading is at a break during this. The traders and investors will look for the Bitcoin as the safe passage for investing their money.