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Bitcoin

Bitcoin Monthly Volume Surpasses Yearly Average, Why This Is Bullish

Keshav Verma
by Keshav Verma
2 years ago
·
Posted in Bitcoin News
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

Data shows the Bitcoin monthly average trading volume has now surpassed the yearly average one. Here’s why this may be bullish for the asset.

Bitcoin 30-Day SMA Volume Has Crossed Above The 365-Day SMA

According to data from the on-chain analytics firm Glassnode, this is the first time since the LUNA collapse that this pattern has formed for the cryptocurrency. The “trading volume” here refers to the total amount of Bitcoin the investors are moving around on the blockchain.

When the value of this metric is high, it means that many coins are getting involved in transactions on the network. Such a trend is usually a sign that the traders are currently active in the market.

On the other hand, low indicator values imply that the chain is observing little activity currently. This trend can hint that the general interest in the asset is low among investors.

Related Reading: Bitcoin Holders Lock $537M In Profits, 2nd Highest Level In 2023

Now, here is a chart that shows the trend in the 30-day simple moving average (SMA) Bitcoin trading volume, as well as the 365-day SMA of the same, over the past few years:

Bitcoin Trading Volume

Looks like the lines of the two metrics have come together in recent days | Source: Glassnode on Twitter

The above graph shows that the 30-day SMA Bitcoin trading volume has risen recently. This would suggest that the activity on the network has been seeing an uplift.

The ramp-up in the number of coins being shifted around the network has come as the cryptocurrency has observed a sharp rally, which has now taken the price above the $31,000 level.

Generally, rallies attract attention to the asset, as investors usually find such price action exciting. Thus, it’s not unexpected that the volume has gone up with this price surge.

With this latest rise, the metric has caught up with the 365-day SMA and has just slightly crossed above it. The formation of this pattern implies that the monthly average trading volume of the asset has finally surpassed the average for the past year.

The chart shows that the last time the two lines showed this behavior was around the time of the LUNA collapse. Other than this brief period, the 30-day SMA of the indicator has been under the 365-day SMA for the entirety of the bear market and the rally so far, showing how low the asset’s activity has been in this period.

However, this trend might finally be changing if the latest crossover between these two lines sticks this time, unlike the one seen around the time of the LUNA crash.

Related Reading: PEPE Enjoys Sharp 64% Rally, But Will This Rise Last?

Increasing network activity is usually a constructive sign for Bitcoin, as it suggests growth in utilization. Notable rallies in the asset have historically accompanied growing volumes, as such price moves require many active traders to be sustainable.

As the chart shows, the monthly and yearly SMAs of the BTC trading volume also showed a similar crossover during the buildup towards the 2021 bull run.

BTC Price

At the time of writing, Bitcoin is trading around $31,200, down 18% in the last week.

Bitcoin Price Chart

BTC has been sharply going up recently | Source: BTCUSD on TradingView
Featured image from Kanchanara on Unsplash.com, charts from TradingView.com, Glassnode.com
Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
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Keshav Verma

Keshav Verma

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Keshav is a Physics graduate who has been employed as a writer with Bitcoinist since June 2021. He is passionate about writing and through the years, he has gained experience working in a variety of niches. Keshav holds an active interest in the cryptocurrency market, with on-chain analysis being an area he particularly likes to research and write about.

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