Skip to main content

TRADINGVIEW COUNTS OVER 2.5M ACTIVE BITCOIN USERS


It appears that traders are starting to get more excited about trading Bitcoin again. Reportedly, the number of active Bitcoin traders on the powerful charting platform, TradingView, has started to increase once again.

2.5M Active Bitcoin Users on TradingView

TradingView is undoubtedly among the leading charting solutions used among countless cryptocurrency traders. Commenting on the matter was the Founding Partner at Adamant Capital, Tuur Demeester, who noted:


Apparently, the number of active Bitcoin traders has started to rise again since bottoming out during December 2018 at around 1.2 million active traders. As the year progressed, we can see that the number of active traders has steadily increased to about 2.5 million. What is more, it appears that the users are also highly engaged as they check in more than 7 times per day on average.

It probably doesn’t come as a surprise that the number of active traders increases in-line with the price movements of Bitcoin. This is because as the price of Bitcoin increases, more traders are interested in taking part in the market. However, when it falls, traders start to drop out and look elsewhere for profits.
This is characterized by the steep fall seen in January 2018 when the number of active traders on TradingView was over 5 million and the price for Bitcoin was at the ATH. But as the price of Bitcoin started to fall, so did the number of users.


A Common Pattern?

To see TradingView users flowing in line with Bitcoin’s price doesn’t come much as a surprise. It has become rather obvious that the interest in the cryptocurrency tends to move in line with its price, in general.
For example, we can also look at the overall interest in Bitcoin based on the search trends from Google.



Comments

Popular posts from this blog

Bitcoin Hash Rate Hits All-Time High: Here’s How It Works And How It Affects The Price

Bitcoin intelligence, data, and analytics firm Glassnode found the Bitcoin hash rate hit a new all-time high over the weekend, ten days before the Bitcoin halving event. In other words, miners are putting more computational power into maintaining the Bitcoin network. Because miners must venture electricity and capital intensive computer processors to mine Bitcoin, the increase in hash rate is a bullish sign. It means miners are after the Bitcoin rewards they get from maintaining the network. And they’re venturing the resources to go after those rewards. Is The Bitcoin Hash Rate Correlated With The Price? In general, the Bitcoin price and the hash rate are not correlated. The price is what buyers and sellers agree to pay for one Bitcoin, and there are many factors – external and internal – affecting the price. However, there is a relation between the two. While the price goes up, it’s more profitable to mine, which likely to cause more miners to turn on their mining equ...

South Korea Won’t Tax Cryptocurrency Profits, For Now

Good news for cryptocurrency traders in South Korea as profit generated from crypto trading will not be subjected to tax, according to a recent announcement from the country’s Ministry of Finance and Strategy. The Ministry clarified that the current tax law does not consider crypto trading gains as taxable income; thus, Korean crypto traders are not required to pay taxes on the profits they earn from crypto trading for the time being.  However, crypto traders in the country may not be exempted from taxation for a long time. An official of the Ministry said that the Ministry is aware of the loophole in the current tax law, and they are currently reviewing the regulations in major foreign countries so that they can amend theirs in an effective way. “The income tax law is only taxable on income listed as taxable. We are preparing a taxation plan for virtual assets by comprehensively reviewing the taxation of major countries, consistency with accounting standards, and trend...

IN THE NEW DECADE, CRYPTO WILL BECOME ESSENTIAL LIKE EMAIL: SAYS TYLER WINKLEVOSS

It’s the start of a new decade, and industry famous twin Tyler Winklevoss, the co-founder, and CEO of cryptocurrency exchange and custodian company Gemini Trust, has shared his views on what the next ten years hold for crypto. According to Winklevoss, crypto is already becoming more than a niche technology and a form of money, and it will play an essential role in our daily life in the foreseeable future. “Today, crypto is still a niche technology and a form of money. It is not crucial to your everyday life the way email and other web applications are, but our thesis is that this will change — it’s already changing if you look close enough,” Winklevoss wrote. Winklevoss added that the decentralized nature of cryptocurrencies, which empowers individuals, will be the driving force within the new decade. Crypto will not only redesign the internet but will also redesign the financial and monetary systems to protect the rights and dignity of users, he said. The Winklevos...