Bitcoin’s [BTC] price resurgence on the charts has been a sight to behold after the world’s largest cryptocurrency outperformed even the best of the S&P stocks in 2019. After the crushing bear market of 2018, BTC has grown by more than a 100 percent on the charts and that performance has been reflected in its ecosystem too.
A recent analysis indicated that the top 10 Bitcoin exchanges cleared almost $2 billion in trade volume on May 27. The reason why this figure is significant is that gold, an asset that Bitcoin is competing with, cleared only $1.2 billion in terms of trade on the same day.
The total Bitcoin volume was clocked at around $2.03 billion, out of which Binance, Coinbase, Bitfinex, Kraken and Bitstamp contributed the lion’s share of trade volume. Binance had the largest trade taking place on its platform, recording $729.809 million in trade volume, while Coinbase came in at a distant second with $342.604 million in trade volume. Bitfinex, Kraken, and Bitstamp rounded up the top 5 list with the three overseeing $312.161 million, $244.25 million and $158.073 million in terms of trade volume, respectively.
When it came to gold trading, London’s Over the Counter [OTC] gold market accounted for approximately 70 percent of the global exchange volume, according to the World Gold Council. Statistics from the London Precious Metals Clearing Limited [LPMCL] stated that in the month of March, a total value of $3.78 billion in gold was moved during transactions.
Bitcoin [BTC] was also in the news recently after its mining profitability hit its 2019 high. The mining profitability saw a sharp increase from April, as the vertical climb was boosted with the cryptocurrency’s price growth. This increase further coincided with Bitcoin’s presence seeing a sharp increase on LocalBitcoin’s trading volume in South Korea, a statistic that was the highest since 2013.
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