I have been looking at data for Bitcoin trading volume on Bitcoinity: a chart which supposedly indicates the number of Bitcoins that “changed hands” for a given time period. The data indicates that trading volume hit a high in Nov 2016 (175mm Bitcoins changed hands that month) and has been declining since, standing at a bare 4mm for November 2017.
Does anyone know what caused this massive drop in volume traded, especially in light of the ever-rising prices of the cryptocurrency? Could it be that more people are buying and holding? Could the data be inaccurate?
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