Bitcoin Trading Volume Exceeds $2 Trillion in 2018 Despite Year-Long Bear Market

Poke. Countries are Cracking Down on Bitcoin

With just a few weeks nonetheless left in 2018, the overall Bitcoin trading quantity for the yr has already crossed $2 trillion. Many nations have additionally seen document BTC trading quantity at totally different factors of the yr with extra on a regular basis folks seemingly adopting the favored cryptocurrency.

Bitcoin Trading up 61 Percent Since 2017

This quantity of commerce is particularly profound given the tirade of criticism from vocal naysayers who proceed to interact in Bitcoin bashing. According to Satoshi Capital Research, the notional worth of BTC traded to date in 2018 stands at $2.2 trillion.

The figures posted to date symbolize a 61 p.c enhance from final years complete quantity of $870 billion. However, the expansion recorded in 2017 – 96 p.c nonetheless dwarfs that recorded in 2018 and can stay so except a large spike in BTC trading happens between now and the top of the yr.

To put issues in perspective, Mastercard lately printed its Q3 2018 financials which confirmed a complete transaction quantity of $4.Four trillion for the yr. The world’s second largest cost card firm additionally settles about $12 billion price of transactions per day.

From these figures, Bitcoin 00 is already at half the transaction settling capability of Mastercard regardless of dropping near 70 p.c of its worth in the course of the yr. BTC’s each day quantity which is at $eight billion, isn’t 1,000,000 miles away from Mastercard’s.

Why do the Nocoiners Rage?

Some may argue that the evaluation above is akin to evaluating apples and oranges. This is as a result of Mastercard’s figures solely cowl funds made to retail retailers on each on-line and offline platforms. The figures for Bitcoin come from retailers, futures trading, exchanges, and even worldwide funds.

However, the truth that a cryptocurrency with a sub-$100 billion market cap is posting figures in the identical ballpark as Mastercard is a glowing endorsement of BTC’s uptake. This assertion is particularly true given the damaging rhetoric espoused by critics comparable to Paul Donovan of UBS who lately stated that the world’s hottest cryptocurrency Bitcoin is on the verge of falling aside.

Things might even get higher for cryptocurrency trading as an entire. Earlier within the yr, Bitcoinist reported that digital currency trading may develop by 50 p.c in 2019 based mostly on a research by Satis Group.

Do you assume the 2018 Bitcoin trading quantity negates the “Bitcoin is dead” argument espoused by vocal nocoiners? Let us know your ideas within the remark part under.

Image courtesy of Twitter (@chartingbitcoin), Bitcoinist archives

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