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Coinbase Sees Bitcoin Trading Volume Hit 14-Month High After 70% Rise

Available data shows that U.S.-based cryptocurrency exchange Coinbase has recently seen trading volumes on its platform hit a 14-month high in the month of May, as over 738,000 BTC, worth about $5.9 billion, changed hands through it. The figure is up from 434,000 BTC in April.

According to data from Bitcoinity, the cryptocurrency exchange saw traders make the month of May the sixth-most voluminous month it has seen, reaching levels close to those seen on March of 2018, when last year’s bear market was just starting out.

Bitcoin trading volume on CoinbaseSource: Bitcoinity

CryptoCompare data shows that bitcoin hit its all-time high in December of 2017 when it came close to the $20,000 mark and that its price fell throughout last year to a $3,200 low in December. Since then, the cryptocurrency has been recovering and is currently trading at $7,970.

Coinbase hit a record trading volume in December of 2017 when a total of over 1.27 million bitcoin traded hands on the cryptocurrency exchange. Its CEO Brian Armstrong has revealed that in 2017, Coinbase was adding 50,000 users a day.

While the CEO didn’t reveal how many users the exchange was adding a day last year, he noted that while people’s expectations regarding cryptocurrency prices were “all over the map,” real-world adoption was still rising.

Earlier this year, the exchange added support for EOS on Coinbase.com and on it’s Android and iOS apps, after adding support for various other cryptocurrencies in the last few months. It also launched a new security feature called Universal 2nd factor (U2F) which are “tiny hardware tokens [that] contain cryptographic chips that perform the hard work of ensuring that you’re authenticating to the correct website – and that nobody else can authenticate while pretending to be you.”

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Written by Ravi Gupat

Ravi grew up in India and graduated in Economics. He is a serial entrepreneur who has founded and exited several companies in tech and media over the past 15 years. He is also an early stage investor and advisor in various blockchain-based companies.

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