On Feb. 17th, 2020, nearly $46 Billion were traded using the currency Bitcoin. The mark was reached though the price was a little over 50% of the record price of $19,700. News like the social media giant Facebook announcing a crypto token called Libra has caused traders to stir with the prospect of a practical use for cryptocurrency.
Though a lot of us don’t see social media as practical, we as cryptocurrency traders see the public’s usage will create a volume boom. That means blood is in the water, and sharks are swimming. Speculation rules the market.
The record high is a little over a year after a lull in trading volume beginning July 2018 and ending February 2019 saw the hope for Bitcoin dwindle as support after support fell for the price. Bitcoin was dying, and traders were scared that the HODLers had done the unimaginable, and stagnated the market.
Lightning Network promised faster speeds and volume grew with the hashrate ever since the lull ended. Back then the promise of the new network brought traders who, over time, built the volume off of the lightning speed of transactions. Sooner or later it’s going to happen again, but for now we can enjoy the fact that everyone has come to the arena to see the show and make the dough.
Cryptocurrency itself is a system that can make or break the back of a business. Casinos added cryptocurrency as a layer of security and loyalty that has paid off for industry giants like Cloudbet. The internet has other casinos, like MyBookie, that will take USD. Still, the loyalty of a $50,000 match play with a currency not everybody has is enticing enough keep the gambling industry buzzing.
Perhaps the sporting industries big game season (Super Bowl, BCS, March Madness and NBA All Star Game) has spawned a gambling boom which has in turn sent traders hunting BTC to sell to would-be gamblers. Then again it’s a growing industry, and some unseen interactor has shown up and is unseen…for now. No matter what is causing the Super March Madness All Star Championship Bowl Tournament of Traders, it’s exciting and I’m gonna go watch it.