It appears that traders are starting to get more excited about trading Bitcoin again. Reportedly, the number of active Bitcoin traders on the powerful charting platform, TradingView, has started to increase once again.
2.5M Active Bitcoin Users on TradingView
TradingView is undoubtedly among the leading charting solutions used among countless cryptocurrency traders. Commenting on the matter was the Founding Partner at Adamant Capital, Tuur Demeester, who noted:
Charting service @tradingview now counts 2.5 million Bitcoin traders among their monthly users. “They are extremely engaged, and check in more than 7x / day on average.” HT @zackvoell pic.twitter.com/8UGp3iD417
— Tuur Demeester (@TuurDemeester) July 22, 2019
Apparently, the number of active Bitcoin traders has started to rise again since bottoming out during December 2018 at around 1.2 million active traders. As the year progressed, we can see that the number of active traders has steadily increased to about 2.5 million. What is more, it appears that the users are also highly engaged as they check in more than 7 times per day on average.
It probably doesn’t come as a surprise that the number of active traders increases in-line with the price movements of Bitcoin. This is because as the price of Bitcoin increases, more traders are interested in taking part in the market. However, when it falls, traders start to drop out and look elsewhere for profits.
This is characterized by the steep fall seen in January 2018 when the number of active traders on TradingView was over 5 million and the price for Bitcoin was at the ATH. But as the price of Bitcoin started to fall, so did the number of users.
A Common Pattern?
To see TradingView users flowing in line with Bitcoin’s price doesn’t come much as a surprise. It has become rather obvious that the interest in the cryptocurrency tends to move in line with its price, in general.
For example, we can also look at the overall interest in Bitcoin based on the search trends from Google.
As you can clearly see, the chart of Bitcoin searches on Google is almost identical to that of its price.