Bitcoin traders stared at price charts more than 3.4 million times in November, watching the leading cryptocurrency hit its record price of 2017 in late 2017, according to leading chart service TradingView.
In November, Bitcoin chart views in TradingView were up 82% from the previous month, with similar growth seen in the display of other cryptocurrencies, based on user data shared solely with CoinDesk.
Bitcoin’s price rose 42% over the same period.
“BTCUSD has consistently been the most popular symbol this year,” said David Belle, the company’s UK growth director, in an email to CoinDesk, referring to Bitcoin and the US dollar. TradingView supports price charts for stocks, futures, forex, cryptocurrency and other markets.
“What we are seeing is that there is simply massive interest in Bitcoin right now,” said Belle.
Beyond charting, there has been rapid growth in awareness of Bitcoin in the use of other products and services, including record sales for the retail-focused CashApp by Square product and strong demand for new services such as PayPal’s cryptocurrency features.
Institutional trading activity is also picking up, as evidenced by CME Group’s Bitcoin futures market, which hit record open interest just before Bitcoin’s all-time high in November.
The Bitcoin chart views in TradingView are still around 50% lower than the record levels seen in late 2017. Since the introduction of support for Bitcoin and other cryptocurrencies in 2016, TradingView’s charting tools have been widely used on nearly every leading cryptocurrency exchange.
Bitcoin’s price cooled a bit in December, down about 10% from the monthly open of over $ 19,700 on Coinbase. “The current price seems a little different from 2017,” said Belle. “I would argue it’s because it’s less of a pricing phase and the market is less young than it was in 2017.”
In 2020, the cryptocurrency gained 152%.