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 Traders on TradingView
TradingView is undoubtedly among the most popular charting solutions among 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 2019 has progressed, the number of active traders has steadily increased to about 2.5 million. What’s more, it appears that these 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 is increasing in line with the price of Bitcoin. This is because as the price of Bitcoin increases, more traders are interested in taking part in this market. However, when it falls, traders start to drop out and look elsewhere for profits.
This is demonstrated by the steep fall seen in January 2018 when the number of active traders on TradingView was over 5 million and the price of Bitcoin was at the ATH. But as the price of Bitcoin started to fall, so did the number of users trading BTC.
A Common Pattern?
To see TradingView’s user numbers align with Bitcoin’s price doesn’t come as much of a surprise. It has become rather obvious that interest in the cryptocurrency generally tends to move in line with its price.
For example, here is Google Trends’ representation of overall interest in Bitcoin over time.
As you can clearly see, the number of Bitcoin searches on Google has almost perfectly tracked its price.