Over the last four years, the average monthly volume of Bitcoin trading has been growing exponentially.
During the last halving event, Bitcoin was trading at around $ 500 or so.
When you compare the last Halving with where Bitcoin is today, you really realize how much the leading cryptocurrency has grown.
Spot market trading volume with growth over 50 times since 2016.
The infrastructure of the entire crypto space has changed dramatically since the last bitcoin for Bitcoin. But the numbers deserve to be put into perspective.
As Cryptowatch pointed out on Twitter, the peak trading volume in 2016 was in June, when $ 1.5 billion monthly volume was registered. By comparison, in April it was nearly $ 30 billion. On average, by 2020, the volume of spot trading will increase 50 times since 2016.
Google searches for “Bitcoin halving” also exceeded everything seen in 2016, and in times. Currently, these searches are 4 times more than observed in 2016. It is not clear whether this jump in interest is caused by FOMO or comes as a result of network foundations.
During Bitcoin’s last half, the price of each BTC rose from about $ 400 to $ 600 by the end of the year. The future of this halving is still unclear, but judging by the story, there is reason to be bullish.
Bitcoin stagnates on Halving Day
Despite the bullish momentum, Bitcoin is stagnant. With another drop today, it is currently trading at around $ 8,600. The price is 1% higher for the day after the weekend sale, in which $ 1.3 billion were liquidated. The market saw some short-term gains after hedge fund manager Paul Tudor Jones revealed that 1-2% of its assets are in Bitcoin.
Recent market activity seems to have resolved the debate over whether halving has had an effect on price. Once the event is officially over, the bullish momentum is stagnant.
However, this does not mean that Bitcoin will not achieve serious results by the end of 2020. This simply means that the market has ” rated ” the Halving event itself, contrary to expectations.