On this day, Bitcoin prices surged to $7,503 before cooling off, closing at $7,000. But it was more about prices edging past $6,000 “mother of all” resistance while nullifying bears of Q4 2018 and more specifically, Nov 2018 Bitcoin hash-rate war instigated erosion. It was more to do with trading volumes.
Before April, Bitcoin had been disappointing. Even its most active proponents were cautious due to the rate at which it scaled up the price ladder.
However, after the primers of April, Bitcoin prices have been on a roll, more than doubling from mid-March. All the same, a stand out in this march is the developments of May-12.
The Significance of May 12
On May-12 BTC related volumes raced to $29 billion. This was monumental since such a high 24-hour trading volume was in January 2018 and the first in the history of Bitcoin.