Coinbase Reports Record Bitcoin Buying Amid March 12 Crash
Bitcoin (BTC) was the most-traded crypto asset during the crash, with Coinbase estimating total BTC trading was six times the average during the crash — fuelled by three and a half times the average number of active traders and a buy-ratio of 69%. Ether (ETH) was the second-most popular cryptocurrency during the dip, with five times the average number of ETH traders driving a seven times increase in volume with a 67% buy-ratio.
All other altcoins combined also saw a seven times increase in trade driven by five times the typical number of traders on average — with XRP, Tezos (XTZ), Chainlink (LINK), Litecoin (LTC), and Bitcoin Cash (BCH) cited among the most popular markets. Crypto crash drive increase in buying pressure $1.3 billion in fiat and cryptocurrency were deposited onto Coinbase amid the sell-off, comprising five times the typical average.
