Last weekend saw the trading numbers shooting up and the volume of cryptocurrency trades exceeding many of the US equities trading markets. This past Sunday alone the traded volume of Bitcoin was more than $5 billion – surpassing IEX, the Chicago Stock Exchange and many others.
A similar situation was seen a couple of weeks ago aruond the time of the SegWit2X fork – with massive volumes being pumped into Bitcoin Cash (BCH) as the fork was cancelled, which lead to a temporary pump of its price to $2500 and to a 25% loss of the BTC value, down to $5,500. However, Bitcoin came back strongly and quickly returned to its previous level, currently sitting at $9,980, with Bitcoin Cash hovering around the $1,600 mark.
There is an argument to be made that the adoption of cryptocurrency is growing as more and more people find out and are convinced to invest money in the market. A similar pump could be expected around the Christmas holidays.
The spike in the Bitcoin value and the market in general applies to alt coins as well, including Dash, Ethereum and Litecoin soaring to all-time highs as well. This does not normally happen when Bitcoin is experiencing a huge spike because people are taking money away from these alt coins and investing them into BTC but in this case, they seem to be running in parallel – which means that more and more people have decided to invest into digital currency.