There has been a bit of a blip in the altcoin market today but Bitcoin is still roaring ahead. Up to 42 Billion Market Cap now. Over the last few months I have been tracking trading volumes by exchanges and plotting them by country. In recent days Bitcoin Volumes are off the scale across the board. What is driving this?
Trading Volumes
In this first graph I have plotted the trading volumes over time for the main exchanges using data from coinmarket cap.
Of course location of exchange does not directly imply adoption in that particular country but it does give an indication of which regions of the world have a growing interest.
1 Billion Dollars
There are still 7 coins above 1 Billion Market Cap.
I am beginning to see Bitcoin more and more in everyday places. The following article is just one example, Fidelity Integrates with Coinbase, Mines Bitcoin and Accepts Bitcoin at its Cafeteria
Todays Trading Volumes by Location of Exchange
Volumes are off the scale in recent days. New money coming into the space?
Until the last few days I thought that bullish altcoin prices were just Bitcoin money sloshing around the Alts, but I am beginning to think the only thing that could be driving such a sustained bull run is new money coming into the space. It is notable though that 920m of the US volume in the following table is on Poloniex. That could be speculation or using Bitcoin as the onramp to other coins and buying them through Poloniex. The worrying thing here is such a concentration of trading volume on one exchange. Do you keep your coins on an exchange? Consider moving them to a wallet to limit your counterparty risk.
Thank you for reading this. I write on Steemit about Blockchain, Cryptocurrency, Travel and lots of random topics.
All Images are from my personal library.