With Bitcoin seeing a downright miraculous rally up to $40,000 apiece, it’s no surprise that the asset has started to smash through its all-time high for its “real” trading volume, doing so by more than 100%, or over double what it once was.
“Real” Volume Metrics Showing Massive Volume Increase
Mati Greenspan stands as the founder of Quantum Economics. On the 7th of January, 2020, Greenspan tweeted a chart that displayed the weekly spot volume.
Bitcoin volumes across exchanges has just doubled it’s previous all time highest level. pic.twitter.com/Hl5T4N4Sck
— Mati Greenspan (tweets ≠ financial advice) (@MatiGreenspan) January 7, 2021
This chart made it clear that the volumes had already surged past double its previous high, using the “real volume” metric from Messari as a base. Within the past week, a total of $71 billion in Bitcoin had changed hands.
The so-called “Real” volume metrics from Messari saw their launch in order to adjust and aggregate the volumes of the top exchanges out there believed to report legitimate activity. Some of these exchanges are Bitfinex, Binance, Bitstamp, Bitflylyer, Coinbase Pro, Bittrex, itBit, Gemini, Poloniex, as well as Kraken.
Going From $32B to $71B-plus
Back in May of 2020, the metric was updated in order to include adjusted scores from some of the top Asia-based exchanges out there: OKEx, Huobi, Bithumb, Gate.io, CoinOne, UpBit, and Liquid. Messari did this by way of an adjusted score based on the information ten third-party crypto data aggregators provide. The reported volumes have a 50% adjustment included from Chinese and Korean platforms, as well.
As it stands now, however, an excess of $71 billion Bitcoin had changed hands within a week, according to this metric. Prior to this new ATH, the previous record for total real volume was set back in mid-2019. Back then, the weekly volume’s all-time high was set at just $32 billion. This occurred after the coin had seen a brief resurgence of the five-figure price range since the asset sunk to under $4,000 that year.
Various Measurements By Aggregators
This isn’t just Messari’s announcement, either. Various crypto data providers across the world are showing similar spectacular volumes. The unbiased CoinMarketCap recorded a monumental $94-billion-plus as its 24-hour volumes alone. CoinGecko’s metrics are slightly less, claiming a 24-hour trading volume of more than $86 billion. Skew, in turn, recorded an aggregated daily volume of $101 billion.
It seems that Bitcoin’s at an all-new high point, though the real question at this point is where the growth will end, and the correction will begin. Indeed, the general uncertainty of where Bitcoin’s future goes is increasing, with futures trading using less and less margin as the price is growing higher. Nobody is quite sure what Bitcoin will do next.