They say art is relative to the times. Well, crypto-charts are certainly a unique form of art too.
With Bitcoin’s price constantly fluctuating, the community often turns to stalwart chartists who try to make sense of it all and give everyone a support to fear or a resistance to crave. Employing data from TradingView, Bitcoin chartists and avid traders give the wayward movement some direction, and its no surprise that they have been growing in number.
TradingView, the analytical tool to gauge several financial markets, now records over 2.5 million Bitcoin traders, among monthly users. Since the crypto-craze began reaching the mainstream in 2017, both in the financial world and the media world, TradingView has rolled out tools which have been hugely beneficial for the cryptocurrency industry.
A presentation by the charting platform stated,
” Since our launch of crypto coverage in 2017, more than 5 million monthly users have utilized our product to get real-time charts and data for Bitcoin.”
Further, referring to the BTC traders as “extremely engaged,” it added that these users check in on an average of 7 times a day.
Tuur Demeester, Founding partner at Adamant Capital, echoed the bullish claims of increasing TradingView use by members of the crypto-community. He tweeted,
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
By analysing the chart on BTC users presented by TradingView, it can be seen that the price-usage trend is telling.
When the price skyrocketed in December 2017, usage was as high as 5,000,000 in the following month, with the ensuing crypto-winter tearing down the price as well as the charts flooding the market. This continued till the end of the year, as the price of Bitcoin dropped from over $13,000 in January to under $3,200 in December. The lowest volume of monthly usage was under 1,250,000 in January 2019.
As tables turned in the second quarter of 2019, so did the usage of TradingView. The usage spiked from the aforementioned low to double up, as the price more than tripled after April 2019. In terms of trend, because we’re talking about TradingView, the usage on TradingView mimics the price, with a one month lag.
Regardless, we couldn’t survive the testing tides of the cryptocurrency market if it weren’t for the use of charts, enabling a more nuanced, detailed and quantitative approach to the digital assets market.