Trading volume is back in town and so is Bitcoin
The latest week has been Bitcoin’s best week in 3 months. Bitcoin rose more than 4% of multiple days and went back to $9000 dollars earlier today. On the GDAX exchange, bitcoin traded at $9041 at its highest but shortly took a small dive till it stabilized at around $8800.
Even though Bitcoin only reached $9000 for a brief moment, the “It’s over nine thousand” memes still flooded the Bitcoin subreddit.
The cryptocurrency market is currently experiencing a great amount of volume, currently around 26 billion dollars in the last 24 hours. At the beginning of April, this volume was only around 10 billion dollars.
One of the things that could excite investors is the release of the lightning network for Bitcoin transactions. High fees and slow confirmation times was some of the things Bitcoin got criticized when it started dropping earlier this year, but those fees are now lower than ever and the confirmation times faster than ever.
The average fee on the lightning is currently 1 Satoshi, which is 1:100000000 BTC, or 0.00000001BTC. This brings the dollar cost of a Bitcoin transaction to around $0.000088, which is much cheaper than any traditional means of transfer.