By Ifaenyi Egede (Nigeria)
Taking a cursory look at four years ago, Bitcoin traded at a meagre $500 after the halving that took place a day before. Now to the present, statistics and data have shown that Bitcoin has grown well down the years with the monthly trading volume getting higher as the year progresses. Comparing the last halving to the one that just occurred, you realise that the crypto market dubbed “leading digital asset” doesn’t hold that title for nothing.
Trading Volume Of Bitcoin Has Grown Over 50x Since The Last Halving
Since the last halving that took place in 2016, Bitcoin has grown in leaps and bounds and has endeared many to the crypto market with a massive chunk of the global population now adopting the digital asset. Crypto analyst on Twitter, @cryptowat_ch has noted the comparison between the peak volume of trading of Bitcoin in June 2016 to that of April 2020. While the leasing digital asset recorded $1.5 billion in volume in its peak month in 2016, it has recorded as much as $30 billion in April 2020 showing a staggering 50x movement since 2016.
Did you know that Bitcoin’s trusted spot market volumes have increased by over 50x since the 2016 halving?
Find out more in our short thread below 👇 pic.twitter.com/wjJRlP5MEy
— Kraken Desktop (@KrakenDesktop) May 11, 2020
Records show that as of 2016, Google search for the term “Bitcoin halving” was recorded more than any other entity, and currently, the search grew over 4x the value in 2016. Most analysts are suggesting if the search interest is just as a result of FOMO or fundamentals that is at play. The last halving saw Bitcoin move from $400 at the beginning of the year to $600 by year end. This halving has occurred and if the coin chooses to go the way of the previous halvings, then a price surge should he expected.
Bitcoin Records No Movement On Halving Day
Despite the hype surrounding Bitcoin to make the massive surge in price immediately the halving occurs, the leading digital asset has refused to leave a spot since the halving. The coin is presently trading around $8,600 after suffering a minor drop in the early parts of today. The coin currently moved up 1% after a massive sell-off which saw $1.3 billion liquidations.
The market experienced short term profits after Paul Tudor Jones; a hedge fund manager revealed that 1-2% of his total assets are in Bitcoin. The market movements have quashed the “priced in ” debate that has generated fears amongst investors before the halving. With the halving done and dusted, we can only look forward to the expected surge.
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