Arthur Hayes, chief executive officer of BitMEX, speaks during the Consensus: Invest event in New York, U.S., on Tuesday, Nov. 28, 2017.Within six months, since January 2019, the bitcoin price has increased from less than $4,000 to almost $14,000, rising by a staggering $10,000 or 271% year-to-date against the U.S. dollar.
According to Arthur Hayes, the CEO of BitMEX, the most widely utilized crypto margin trading platform in the global market, the daily volume of bitcoin on BitMEX has surpassed $11 billion and is nearing $12 billion as the demand for the dominant crypto asset has intensified. Disregarding volumes coming from Grayscale's Bitcoin Investment Trust and alternative cryptocurrencies, BitMEX and the Real 10 volume alone account for nearly $17 billion in daily volume.
Hence, if the retail demand for bitcoin begins to see a significant increase in the upcoming months due to the rising value of the asset, there exists a possibility that the retail interest synergizes with increasing institutional demand and act as another catalyst for the market.
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