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I'm not sure that the volume is reflecting an increase in demand, at least not a tenfold increase in demand in just a couple of months. The increment in volume
by josu 13y ago
I'm not sure that the volume is reflecting an increase in demand, at least not a tenfold increase in demand in just a couple of months.
The increment in volume can be the consequence of increased daytrading activity. Once the price started shooting a lot of volatility was introduced in the system, which allowed daytrading. Many arbitrage opportunities also opened up, which probably moved the volume up as well.
Yes, it seems like bitcoin is catching up some speed, but I don't think that this sudden spike in price is demand driven.
- wmf 13y agoGiven that demand started from near zero in China, tenfold growth after legalization of Bitcoin doesn't surprise me at all. The movement in the BTC-USD market looks like arbitrage catching up to the Chinese activity.
- yapcguy 13y agoThe Chinese are gambling. In Hong Kong, they gamble more money on horse racing in a single day, than the UK does in a whole year. In Macau, single card draw is popular, for an instant adrenaline rush, nobody wants to sit around a poker table all day to win what you can win in a few minutes. Bitcoin is no different.