Bitcoin Trade Volume on Coinbase Hit a 14-Month High in May

Bitcoin trading volume on the largest US-based cryptocurrency exchange, Coinbase, hit the highest amount seen in 14 months in May.

During the month of May, Coinbase facilitated the trade of 738,959.42 BTC -- worth approximately $5.9 billion at current market prices -- according to data from Bitcoinity.

This development marks the exchange’s highest level of bitcoin trade volume since March of 2018. Additionally, it also represents the sixth-most voluminous month for bitcoin trading on the exchange to date. Perhaps not surprisingly, the rise in volume was accompanied by a 60 percent price increase for the cryptocurrency itself.

Bitcoin Trade Volume on Coinbase (Monthly)

The most bitcoin ever traded in a month on Coinbase was December of 2017, when the cryptocurrency's reached as high as $19,891 and 1,275,295.522 BTC traded hands on the exchange.

Now with the price of bitcoin trading roughly 60 percent lower than its all-time high at the time of writing, the total units traded in May coincidentally make up nearly 60 percent of the amount seen during the explosive trading month of December 2017.

Disclosure: The author holds several cryptocurrencies. Please see his author bio for more information. 

Coinbase image via Shutterstock