This morning, in the span of an hour, more bitcoins traded hands than ever before in history. The price of Bitcoin also surged by more than 13% in that hour today.
During the price spike, bitcoin set a new record for hourly trading volune. Between the hours of 6:45am and 7:45am EST, bitcoin rose from $6,876 to $7,796 with $1.2 Billion worth of the digital currency changing hands.
According to cryptorae on twitter, $1.2 Billion is a new record for most bitcoin traded in an hour.
Ready to have your mind blown? More Bitcoin traded hands in that one hour than *any other time in history*.
BTCUSD volume: ~$550M
XBTUSD volume: ~$635M
That’s $1.2 billion trading volume in one hour! pic.twitter.com/abnthbOq5n
— CryptoRae (@cryptorae) April 12, 2018
The crypto markets as a whole are also seeing strong price appreciation across the board today. This comes after weeks of declining prices. The total market cap for all cryptoassets peaked above $300 billion for the first time since March/28/2018.
The exact source of today’s bitcoin buy volume is unknown. With the continued regulatory uncertainty around cryptocurrencies, many institutions have remained on the sidelines. However given the sheer magnitude of volume in a short period of time, it could indicate entities with deep pockets getting into the market.
Since the start of 2018, the price of bitcoin has declined by over 45%. Despite the strength of today’s price movement, it’s yet to be seen if bitcoin can find higher support levels and if the crypto markets are recovering from it’s recent bear market trend.