Why You Should Keep an Eye On Bitcoin’s Volume

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bitcoin trade volume chart

Bitcoin trading has become a daily business for many professional traders and investors from different countries. Though the volume of Bitcoin does not comprise a large amount of money, it has been growing significantly since 2009 when the cryptocurrency first appeared on the Internet as an open source project.

Exchange The Main Source

To follow the latest information about Bitcoin, firstly, you need to understand what exchange you are going to use. There are many  online platforms where you can exchange the cryptocurrency so it is a real asset which is exchanged on the market. The only accurate source of information about Bitcoin is the particular market itself. In other words, we’re talking about exchanges. They are exactly the markets where either the price or the volume is generated every single day. So, first, think about your exchange, which you use and find it.

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For example, there is information about a Blockchain exchange graphic. Here you can see the total volume of Bitcoins which are trading 24/7 at that exchange. Or you can use this website in order to compare the information from different sources.

Why Do We Need It

As it is a decentralized currency which is openly trading on the market, there is a strong correlation between the total amount of Bitcoins and the alteration of its price. We do not claim that that data can somehow predict the price though it can be a strong indicator or a signal for professional investors. If it is rising significantly over a short period of time, it means that a lot of people want to sell and buy the cryptocurrency. As a consequence, Bitcoin prices tend to change quickly—in other words, it becomes very liquid. The volume is the key factor which shows Bitcoin’s liquidity.

Related: Start Trading on Binary Options with Bitcoin: All or Nothing

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