Bitcoin’s stronghold on the market has been made evident with the cryptocurrency’s behavior driving the bull/bear nature of the rest of the market as well. The world’s largest cryptocurrency had a decent last week, holding strong above the $8000 mark along with a breach of the $150 billion mark in terms of market cap.
Latest analysis showed that Bitcoin has disregarded the notion of ‘more the volume, more the price’ as the ‘king coin held near $8400 at relatively low-volume increases. The graph from Skew put the cryptocurrency’s attribute changes into perspective, as the volume spikes were gradual and not drastic at all like the community expected.
At press time, Bitcoin was trading for $8648.46 with a total market cap of $153.78 billion. The 24-hour market volume was at $19.73 billion as the cryptocurrency was gunning for the $9000 milestone once again. A majority of the Bitcoin was being traded on Bitmex as evidenced by $3.43 billion worth of transactions taking place on the platform. Bitmex’s hold accounted for 13.2 percent of all BTC trade and was followed by Negocie Coins, a relatively unknown exchange which had a grasp on Bitcoin trading worth $1.32 billion.
Bitcoin’s other peripherals like the CME Bitcoin Futures market also reflected this increase in volume as the market registered new highs in May compared to April. The average daily volume on the CME BTC Futures market was up by more than 36 percent since the fourth month. The report from was brought to light by @oliverzok, a prominent blockchain influencer who had tweeted:
“CME bitcoin futures saw new records in both volume and open interest in May, adding over 200 new trading accounts. Average daily volume finished at more than 13,600 contracts, or ~$515 million in notional USD traded value,