May saw bitcoin post a 14-month high in trading volume on US-based crypto exchange giant Coinbase.
According to data from Bitcoinity, Coinbase facilitated trades amounting to 738,959.42 BTC in May. At current market prices, that figure is worth approximately $5.9 billion.
This is the highest level of bitcoin trading volume seen on Coinbase since March 2018. May 2019 is now also the sixth-most voluminous month for bitcoin trading on the crypto exchange to date.
December 2017 still holds the record as the month that saw the most number of bitcoin ever traded in one month on Coinbase. That month alone, 1,275,295.522 BTC was traded on the crypto exchange.
Interestingly enough, the amount of bitcoin traded in May 2019 is roughly 60 percent of the amount traded in December 2017, during a time when the price of bitcoin is roughly 60 percent lower than its all-time high price.
The rise in bitcoin trading volume was accompanied by a 60 percent price increase for bitcoin itself.