chepicap.com
Just when everyone thought BTC was going continue its climb over $4,000 and head off to $5,000. The dramatic sell off from Sunday saw BTC crash back below $4,000. However, not all of the action on Sunday should be viewed as bad.
Bitcoin climbed to a new 2019 high of over $4,100 after a solid weekend of gains across the board, the massive price boost saw the market cap climb to over $140 billion.
The excitement was short lived as an onslaught of sell-offs occured on Sunday tanking the market cap by $12 billion within a matter of minutes. Bitcoin dropped back down straight to the $3,800 area where it currently remains.
Read More: What the community is saying about Bitcoin's sudden price swing
While all the price drops seems to be a discouraging factor for the market everyone thought was finally climbing out of a bear market, one aspect of the industry continues to set new highs.
The total trading volume over the weekend saw the volume jump from $23 billion to $35 billion by Sunday before the sell-off occured. A whopping $12 billion in trading volume on a Sunday. Following the price drops across the board, trading volume accelerated to nearly $40 billion in total trading volume, setting a new high for 2019.
Read More: "Can Bitcoin Save Venezuelans?" asks NYT opinion piece
The market trading volume has more than doubled since 20 days ago when it was sitting at the 2019 low of just $15 billion. Perhaps the correction is simply a healthy move for another breakout. Once thing is certain is that trading volume has definitely picked up considerably since the beginning of February.
