Here is how crypto traders can use data on trading volume outliers to their advantage.
An uptick in trading volume is one of the key components of a digital asset’s healthy market outlook. It indicates both robust liquidity and a surge in fellow traders’ enthusiasm for the token. The relationship between the asset’s price and trading volume is a nuanced one: Volume spikes often trail strong rallies as more and more traders hop on the bandwagon in the hopes of a ride to the moon.
The five assets featured below showed the greatest week-to-week increases in trading volume last week and were featured in the Unusual Trading Volume section of QuarkChain saw two dramatic trading volume increases last week, the greater one coming last and following the coin’s weekly price high. In a curious plot twist, there was also another, rather short-lived trading volume spike that came on Jan. 25 and preceded the price rally by roughly 18 hours.WAVES price vs. trading volume , Jan. 22–29. Source: TradingView/The TIE
Loom Network’s trading volume vs. price chart looks similar to that of QKC above: A sudden and short spike in the trading volume coming several hours before the week’s peak price. What caused LOOM’s Jan. 25 trading volume explosion from around $5 million to upwards of $34 million is anyone’s guess. What is certain is that over the next day LOOM’s price added 14%, reaching the weekly high at $0.062.OXY price vs. trading volume , Jan. 22–29.
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