What most people don’t know is that Bitcoin once commanded a price of less than $10 in 2013. The daily volumes traded then was a couple of hundreds worth of dollars. The market cap in early 2013 was hovering in the $1 million range. But the performance of the crypto in 2013 is not why we are here. We want to know the current trading volumes of this larger than life cryptocurrency. But one thing stands true about Bitcoin; it has been on a roller-coaster. The daily volumes of the crypto stood at only $200 million in early 2017 only to rise and pass $20 billion in December 2017 before plummeting to below $5 billion in August 2018.
Bitcoin is definitely what most people think of when the word cryptocurrency is mentioned. True, Bitcoin was the main crypto and even made up more than 95% as recently as 2016. However, today, other crypto coins and tokens have been launched to make the dominance of Bitcoin lesser.
How the trading volumes of Bitcoin have been over the years
Until late December 2013, Bitcoin’s traded volumes stood at zero. The price of the crypto then was around $700 while the market capitalization was in the range of $8.4 billion. Of course, a world of change has happened since then. When we fast forward to the same time in 2016, the traded volumes then hovered around $215 million while the market cap was approaching $15 billion. The price of the crypto was just $900.
It can be said that real change started being felt in April 2017 when the price showed some resistance to go below $$1,100. The volume then was in the range of $250 million while the market cap comfortably passed the $20 billion mark. In four short months, the daily traded volumes of the Bitcoin had reached $3 billion and the market cap was fast approaching $60 billion. Anyone who had bought Bitcoin in April that year stood to gain an extra cool $3000 per BTC if they sold.
In the end days of December 2017, the market cap of Bitcoin jumped to pass the $320 billion market while the volumes traded on December 22nd passed the $22 billion point. As for the price, the investors who had bought the crypto in April that year stood to gain around $19,000 per BTC. That is a whopping 1,800%.
The trading volumes of Bitcoin in 2018
2018 has been a rather tumultuous year for the cryptocurrency market, specifically Bitcoin. The daily Volumes dropped from an all high of $22 billion in late December 2017 to reach a low of $7 billion in a space of 40 days. It can be said that Bitcoin and cryptocurrency, in general, has never really recovered since then. The volume has been dropping steadily over the months to reach a new low of $3.2 billion on August 26th. Since August 24th, the market cap has managed to stay above $111 billion point. On Thursday, August 29th, the market cap was comfortably in the $118 region. The Bitcoin price for the first time since August 8th reached the $7,100 mark.