Bitcoin [BTC] and Ethereum [ETH] face off the bear after reaching 7-month trading volume high

The cryptocurrency market seems to be suffering the bear crunch again after a week of bullish gains. Major cryptocurrencies across the spectrum have seen the puck being passed between the bear and the bull which coincides with the sporadic price changes. Bitcoin [BTC] and Ethereum [ETH], the two compatriots amongst the big three have witnessed a silver lining despite all odds in the time period known as the crypto winter.

Recent analysis shows that both BTC and ETH have both recorded their trading volumes hit 7-month highs. In readings recorded just before Christmas day, over a period from December 17 to December 23, Bitcoin’s trading volume reached $46 billion while at the same time Ethereum’s trading volume hit a peak of $18.5 billion. Reports also show that the last time the trading volume was higher was back in May.

In an overall spectrum 2018 has provided good numbers for Bitcoin, with the total volume surpassing $2 trillion up until now. This is an impressive 153% hike from its 2017 volume, calculated as $870 billion. The Vitalik Buterin co-founded Ethereum was the second largest cryptocurrency after Bitcoin.

Bitcoin was also in the news recently when Anthony Pompliano, a popular analyst went on to say that Bitcoin [BTC] is a non-correlated asset. He stated:

“Bitcoin is definitely a non-correlated asset. If you look at the correlation between the digital assets and the S&P500 over the last 108 days, it’s at zero. If you look at it compared to dial index, it’s zero. So it’s proven that it is not correlated and we expect that to continue.

Pompliano had further added:

“Bitcoin is definitely a non-correlated asset. If you look at the correlation between the digital assets and the S&P500 over the last 108 days, it’s at zero. If you look at it compared to dial index, it’s zero. So it’s proven that it is not correlated and we expect that to continue.

Bitcoin’s burgeoning popularity also caught the eye of VItalik Buterin, who gave his comments on the Proof of Work. The Ethereum official had tweeted:

“I don’t believe in proof of work!”

The statement came in the wake of Buterin’s clash with Giacomo Zucco, director at BHB.Network and a crypto-influencer. Zucco had tweeted:

“Nocoiners believe in nothing (nihilism). Multicoiners believe in everything (gullibility). Bitcoiners believe in something (reason).