24 hr volume please explain


New member
I,m trying to decipher 24 hr volume as I hear volume is very important.
On GDAX for example 1/2 hour ago btc/usd was 10674 now it’s 10644 a difference of 30. Is that 30 bought or 30 sold and is that just on this exchange? Newbeee, you can prob. tell.
It goes up and down.
Thanks in advance. Tried to google it but TheBitCoinPub shall no doubt prove more fruitful for a simple answer
This is really difficult for me to grasp.
My shop is open for 24hrs and all I sell is apples. At 11.59 after each 24hr period an auditor shows up to note my 'volume’
Today I sold 117 apples however a customer bought 47 back as they were riddled with maggots.
What volume will the auditor record???
(DO YOU need to know the previous 24hr period to work volume out? If so yesterday’s period I sold 80 and 20 were returned.) If this period confuses the matter and is not required, then ignore.
Big thanks if u get the penny to drop
your example is a bad one… volume isnt selling its trading.
a better example would be that you are at a fair where everyone is trading apples. you sell me your apples. i buy someone elses apples. i sell my apples to a third person, etc…
and the end of the day the auditor would record the combined numbers of apples traded and thats your volume.
Right. Then why does it go both up and down.
Is that the part I missed? that it is all referenced to the previous 24hrs.
i.e. down= less than the previous.24 hrs
Up. = more than the previous.24hrs.
I really hope you suggest I,m getting it.
P.s it puzzled me when I noticed it on the pages of btc/usd etc on Gdax. That’s when I became curious seeing it going up/down
It goes by 24 hours. It changes because time is always moving forward. So from 4pm-4pm vs 4:01pm -4:01pm the 24hour average would change to show this.
UP and Down are just in reference to the prior 24 hour period. it has nothing to do with the price of the coin. just the trade volume.
if 5000 BTC was traded in a 24 hour period, and then 7000 BTC was traded in the next 24 hour period then the 24 hour volume would be UP.