The past two days have seen exceptional price action from Bitcoin and cryptocurrencies in general. Bitcoin increased an incredible 40 percent in value over the past week, going up from $5,961 last Tuesday to a high of $8,170 today.
The majority of altcoins have experienced similar gains, with Ethereum enjoying 25 percent gains and XRP up an impressive 30 percent. Overall, the cryptocurrency market has added an exceptional $100 billion in value since early March, just over two months ago.
During the epic bull run of the past few days, Bitcoin managed to break two significant volume records, most significantly an apparent $29 billion in volume traded on May 12th. Previously, the highest level of U.S. dollar traded volume was $25.5 billion on the 8th of January last year, as Bitcoin’s price was crashing down from its all-time high of almost $20,000.
Secondly, Bitcoin’s trading volume on crypto exchange BitMEX exceeded $10 billion in the space of 24 hours, the highest ever recorded volume on the exchange. BitMEX CEO Arthur Hayes announced the achievement in a tweet, stating:
“New record for BitMEX trading volume. Praise be to volatility and our wonderful traders!”
Where to next?
Following the epic highs of the past 72 hours, Bitcoin has suffered a relatively strong correction that has dragged the price back down to $7,780. The majority of altcoins, however, are still enjoying the fruits of the crypto market uptrend. Ripple’s XRP token, in particular, is still trading up 18 percent today, at just below $0.40. Stellar (XLM) is up 5.4 percent at $0.11 and Ontology (ONT) is up 7 percent $1.43.
It would seem that for now at least, Bitcoin has taken a back seat and given altcoins a time to rise. The shift is not uncommon following an epic cryptocurrency bull run and mirrors a similar situation that panned out following the 2017 rally. The next few days will dictate whether Bitcoin will enter an extended period of consolidation or pick up again where it left off and continue up to $10,000.