Crypto trading volume hits new all-time high, fake volume questions raised

03 Apr, 2019 | Updated: 03 Apr, 2019
by Ryan Boltman
News
Crypto trading volume hits new all-time high, fake volume questions raised

Following the recent surge in cryptocurrency prices, volume appears to have picked up dramatically. So much so that new all-time highs in trading volume have been reached. 

Looking at the total trading volume on Coinmarketcap, it shows that the new all-time high in trading volume on the site reached $87 billion. That is just under half the total market capitalization of the cryptocurrency market, which now currently sits at $172 billion.

The massive surge in trading volume can be attributed to the change in sentiment, now leaning bullish across the entire market. Crypto personality Ran NeuNer pointed out the trading volume on twitter, saying "In case you didn't believe in this rally - check the volume!!!

However, it is worth noting, following the recent report by Bitwise that discovered only 10 exchanges have any real trading volume.

Out of those 10 exchanges, currently they total under $5 billion in trading volume over the past 24 hours. Currently, BitMex, BitMax, OKEx, FCoin, and DigiFinex all have more daily volume than Binance. Falling slightly behind Binance but with still more than $2 billion in daily trading volume each is ZBG, BitForex, Bit-Z and Coineal.  

Some of these obscure exchanges are not even known by seasoned cryptocurrency traders.

Read more: Bitwise report makes claim: "Only 10 exchanges have actual volume"

To put the basics into perspective, here are the currently twitter account followers for each of the top 10 exchanges in reported trading volume:

1. BitMex: 36,200

2. BitMax: 11,200

3. OKEx: 173,000

4. FCoin: 4,569

5. Digifinex: 6,175

6. Binance: 939,000

7. ZBG: 1,474

8. BitForex: 20,900

9. Bit-Z: 465

10. Coineal: 2,505

While Social media presence is not the absolutely benchmark for the truth surrounding current trading volume stats, one would think if an exchange is turning over $2 billion in daily volume, more users would want to be connected to social media channels to ensure they remain up to date on latest news, updates and maintenance.

Clearly the total trading volume should be taken with a grain of salt at this point. If total trading volume has nearly doubled since the beginning of the last bull run, then surely BTC could retest $20,000 once again quite easily?

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Read more about: Bitcoin (BTC)

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