The current Bitcoin bull market is not entirely surprising. While the price levels are beyond most people’s dreams, the buying activity across exchanges has picked up much earlier. Even today, that trend seems to continue for BTC/USD pairs.
Exchanged Confirm Bitcoin Accumulation
Before any bull trend, there is often a lengthy accumulation phase. This applies to all financial markets, including cryptocurrencies. In the Bitcoin world, those statistics are a bit easier to come by. Kaiko confirms an increase in daily BTC/USD volume across several top exchanges since August 2020.
More specifically, there has been a substantial increase in Bitcoin buying volume across three top exchanges. Coinbase remains one of the most significant gateways for entering the cryptocurrency industry. It supports dozens of countries and fiat currencies, making it easier to buy BTC. Even its BTC/USD pair does rather well these past few months.
The same goes for Bitstamp, a well-known cryptocurrency exchange. Primarily oriented toward American users, this platform notes a substantial daily trading volume as well. Buying certainly intensified since late 2020 and early 2021, as Bitcoin’s price continued to soar to new heights. It remains unclear if people are as eager to buy during the current dip.
The third platform on this list is LMAX Digital; Not exactly a household name among cryptocurrency exchanges, but still a platform worth keeping tabs on. The same applies to Kraken, which also notes a substantial demand for its BTC/USD pair. All of these statistics are bullish, yet reaching $40,000 again will take some time.
BTC/USDT Remains The Major Pair
Even though demand for trading Bitcoin against the US Dollar is heating up, one has to wonder how significant the impact is. After all, the primary trading market is till BTC/USDT across different exchanges. Particularly on Binance, it represents nearly 7% of all BTC trading today.
One remarkable development is how BTC/EUR, BTC/GBP, and BTC/JPY also seem to note some increase in trading volume. Neither of these three markets tends to be in high demand regardless of Bitcoin’s market momentum. Their respective volumes remain relatively low, but it is an intriguing development.
For now, the ongoing Bitcoin price volatility is likely to remain in place a while longer. If so, it won’t bode well for alternative markets, as none of them seems capable of clawing back against Bitcoin. Ethereum remains well below its 2017 all-time high and shows no signs of making another run for it.