Bitcoin started the year on a rather low note but its price has since appreciated tremendously. Today marks another milestone for Bitcoin in 2019 across major crypto exchanges. Thailand has seen Bitcoin volumes surpass those recorded in 2017.
On major virtual currency exchanges, Bitcoin is trading above 5,500 U.S dollars. The leading virtual currency has also claimed back a percentage of its market dominance. The current surge in the price of Bitcoin has also seen a surge in Bitcoin volumes with altcoins trying to keep up with the pacesetter.
In 2019, Bitcoin has gained almost 50 percent (47%) with January being the testing month when it appreciated and fell in price before steadily assuming an upward trajectory. In roughly four months, Bitcoin has risen from 3,400 U.S dollars to above 5,500 U.S dollars with strong indicators pointing towards 6,000 U.S dollars. Bitcoin’s market dominance has increased with roughly one percent (52.5 to 53.4 percent) within 24 hours.
The impact of the rapid change has been felt in Thailand where Bitcoin volumes reached an all-time high. In just 7 days, LocalBitcoins, a P2P exchange, recorded a 4 times rise in Bitcoin volumes in the country. Bitcoin volumes reached 70 million Thai Baht in the past 7 days. The volume is higher than the 50 million Thai Baht recorded towards the end of 2017 when the price of Bitcoin reached 20,000 U.S dollars. The number of Bitcoins traded in Thailand in the past seven days reached a high of 417 BTC up from 130 BTC in preceding weeks.
The high Bitcoin volumes in Thailand coincide with a case where a couple with heavy Bitcoin investments is being sought by law enforcement agencies. An arrest warrant has already been issued with the security agents in the country claiming that the couple’s ocean-based home is within Thailand’s governance territory. However, the couple claims the home is built on international waters.
The case has helped increase attention on Bitcoin and virtual currencies in the country and internationally.
Do you think 2019’s Bitcoin volumes will surpass those recorded in 2017?
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