Binance Reports Higher Order Volume than in December 2017 Peak; Is another Bull Run here?

By Ponvang Bulus
Published May 23, 2019 Updated May 23, 2019
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Binance Coin (BNB) Slips To Further $18 While Bitcoin Enjoys Momentum

Binance Reports Higher Order Volume than in December 2017 Peak; Is another Bull Run here?

By Ponvang Bulus
Published May 23, 2019 Updated May 23, 2019

The year 2017 is an important one in the history of cryptocurrency and Bitcoin in particular. It was the year when Bitcoin reached its all-time high price and several peaks were recorded then including order volume on Binance. However, the exchange through the CEO Changpeng Zhao has just announced that they are seeing higher order volume than they did at the end of 2017 which was the highest until now.

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Another bull run in sight?

It is quite obvious that the higher order volume recorded on Binance at the end of December in 2017 was an indication that a bull market was coming, hence the correlation. Now that the order volume even exceeds that of 2017, could it be a suggestion that a nigger bull run may be around the corner? Only the order volume exceeds that of the December 2017/January 2018 peak though.

The exchange also reported that the trade volume is only 1/3 of the peak while Bitcoin and Ethereum prices are at 1/3 and 1/5 of the peak prices respectively. The remaining altcoins are at lower fractions of their peaks during the 2017 bull run. Some Twitter users who reacted to the announcement say the increased volume suggests that the ecosystem is maturing and Binance has to brace up to handle the pressure of an impending massive bull run.

Also Read: Binance Coin [BNB] Trades at $31 After Binance’s Release of 2.0 Treasure Tweet

Many other 2017 trends repeating

Binance has just announced its own repetition and surpassing of 2017/2018 peak for order volume. Several other such patterns have also been reported such as increased transaction fees for Bitcoin to $4 which was last observed in December 2017 and was found to characterize bull markets. The number of confirmed Bitcoin transactions also reportedly reached 2017 high at the end of April this year. All these repeated patterns raise several questions among cryptocurrency enthusiasts, but the most important may be whether the market is gearing up for another massive bull run that may exceed that of 2017.

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Disclaimer
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
About Author
Ponvang Bulus
61 Articles
A cryptocurrency enthusiast, author, and investor with high motivation in cryptocurrency/blockchain research and writing. He loves birdwatching and traveling. Follow him on Twitter at @Ponvangbu

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