Bitcoin's Spring Rally Drives Users to TradingView

Neil Dennis

A further indication that the price rally in bitcoin over the past three months has been accompanied by a surge in active traders was suggested by growth in usage of the TradingView website.

TradingViewprovides charting, historical data and other tools across currency, bond, equity, commodity, CFD and crypto markets for around 8 million total active traders.

Internal data showed that the number of active traders looking at information on bitcoin rose to 2.5 million users per month in June - just as the price of bitcoin reached an 18 month high of $13,880 on June 26.

This was by no means a record, but more than double the number of active users per month seen back in December 2018 when the price of bitcoin was languishing at just above $3,000. Nearly 5 million active users per month were seen during the broad crypto rally that took the bitcoin price to $20,000 in December 2017.

Increased Day Trading

While the data provides some evidence of increased activity, its most likely this is from day traders, as the company said its users were "extremely engaged, and check in more than seven times a day on average".

Indeed, the tools TradingView provides are largely for day trading activities, with charts that show patterns specifically for giving traders buy or sell signals. 

Recent data also showed that Coinbase, the San Francisco crypto exchange, was rapidly adding to its user base, hitting the 30 million mark this week after adding five million users in the last 10 months.

The TradingView data were unable to provide any information on increased activity in the purchase of cryptoassets as long-term investments.

Hodlers Also on the Rise

It is likely, however, that this is also on the increase. One of the largest bitcoin investment funds has recently reported strong growth in its total assets under management and large inflows from institutional investors into its flagship fund.

Indeed, Grayscale's total assets under management nearly tripled to $2.7 billion during the first six months of 2019, the company reported last week. The company saw a near 100% increase in product inflows in its second quarter, 84% of which was from institutional investors.

There's been something of a sell off in the market over the past few days, however, and the price of bitcoin has fallen back below $10,000 on Tuesday.

Crypto Market Update for 24 February 2020: BTC, ETH, ADA, and TRX

Siamak Masnavi

This article provides an overview of how Bitcoin (BTC), Ethereum (ETH), Cardano (ADA), and TRON (TRX) have been doing over the past 24-hour period, and covers recent news that might have affected their prices (or might do so in the future).

To give you a rough idea of how well the crypto markets are doing today, 18 out of the top 20 cryptoassets (by market cap) are currently in the red (against the dollar).

All market data used in this article was taken around 10:00 UTC on 24 February 2020 from CryptoCompare, which also provided the price charts shown in this article.


BTC-USD 24 Hour Chart on 24 Feb 2020.png

BTC-USD is trading at $9,715. This means that the Bitcoin price has been under the $10K level since February 20. Still, Bitcoin has still managed to gain +37.60% against USD in the year-to-date (YTD) period.

As for why Bitcoin is having trouble breaking through the $10K level, one theory is that Bitcoin is currently being seen more as a "risk-on" rather a "risk-off" asset; another is that Bitcoin whales are manipulating the market.

Here is prominent crypto analyst/trader Josh Rager with some technical analysis of Bitcoin's latest price action:


ETH-USD 24 Hour Chart on 24 Feb 2020.png

ETH-USD is trading at $265.99. Although ETH-USD has dropped 0.92% in the past seven-day period, for the YTD period, it is up +103.37%.


ADA-USD 24 Hour Chart on 24 Feb 2020.png

ADA-USD set a six-month high on February 14 when it hit $0.07083. Since then, it's been going downhill.

Although the 7-day and 10-day pictures look bad, Cardano's return-on-investment (ROI) figures (against USD) for the 30-day, YTD, and 90-day periods look quite decent, being +36.99%, +76.77%, and +60.44% respectively.

On February 21, IOHK tweeted that the Cardano network had successfully carried out a scheduled network upgrade (a hard fork) to bring in Ouroboros BFT (a new consensus mechanism):


TRX-USD 24 Hour Chart on 24 Feb 2020.png

TRX-USD is trading at $0.0204, which means that TRON is currently the 16-th most valuable cryptoasset by reported market cap.

TRX-USD has dropped -6.35% in the past 7-day period, but so far in 2020, it is up +54.45%.

Earlier today, in an article for Coindesk, Alexander S. Blum, the Chief Operating Officer of crypto finance firm Two Prime, wrote:

"Viewed through the lens of traditional finance, TRON is acting pretty predictably. It is acquiring more market share through the acquisition of weakened competitors, like BitTorrent, and their networks while promoting their retail financial product. They’re performing a balancing act between being a financial product and a technical one...

"Justin is leading TRON as a for-profit business pretty well. Why does that irk many hardcore developers? For those in the Western world sticking up their noses at TRON, it’s worth reflecting on how deeply elitist it is to judge from a position of pure technical idealism...

"The emergence of TRON in highly competitive Asian markets is commendable. They are pioneering a new business model and creating wealth ex nihilo – out of thin air – because they focus on what works today. Their users share the company’s pragmatism. TRON, EOS and Ripple are pioneering community-centric financial products that offer exciting new models for wealth creation."

Featured Image by "AhmadArdity" via