Bitcoin Volume Hits Yearly Low, What Impact Will it Have on Crypto Market?

In the past several days, the daily trading volume of Bitcoin has declined by more than 23 percent to its lowest point in 2018.

On CoinMarketCap, the volume of Bitcoin dropped around 23 percent from $4.2 billion to $3.2 billion.

On CoinCap.io, the official cryptocurrency market data provider of ShapeShift, which filters out exchanges suspected of having inflated volumes, the volume of Bitcoin dropped from $2.6 billion to $2 billion, by the same margin as CoinMarketCap.

The daily trading volume of Bitcoin has declined substantially throughout this week because traders are unsure whether Bitcoin will decline below the $6,000 support level or break out of the $6,800 resistance level.

It is possible that the volume of Bitcoin has dropped due to the elimination of intensity in the market and rising seller fatigue.

Lack of volume in the crypto market is a bit concerning.

Bitcoin volume is down about 20% but Ripple's volume is down by more than 50%. I think the mistake many new traders make is to try do something needlessly aggressively in a period like this, better to wait & observe.

Until Bitcoin breaks out of a major resistance level at $6,800, it is unlikely for the dominant cryptocurrency to record any sort of meaningful increase in both volume and price.

The possibility of bitcoin experiencing a sudden surge in volume and value cannot be dismissed given its previous rallies throughout this year.

In the upcoming days, unless the entire crypto market sees a general increase in activity, it is likely that the market will continue to demonstrate stability in a low price range.