Bitcoin’s Market Volume Sharply Rises By 30%
Other cryptos are set to be positively impacted just in case bitcoin performs better.
Positive Signs For Bitcoin’s Resurgence Emerge
The market volume of bitcoin has significantly increased by about 30%. Bitcoin’s volume now stands at $2.53 billion from $2 billion as per data shared by CoinCap.io. Data shared by Coinmarketcap indicates that bitcoin’s volume has spiked to $3.8 billion from $3.2 billion. The differences on the two platforms are due CoinCcap.io’s mechanism that fails to indicate data from exchanges suspected to have tampered with numbers.
In the entire week, the market was a bit worried over the constant low volumes registered by bitcoin. An impact on bitcoin’s market volume will have a direct implication on the cryptocurrency market. As from Monday, a number of tokens rallied to launch huge gains. Bitcoin’s restrained bullish run prevented the entire market from rallying behind huge gains.
The entire October has seen bitcoin hovering at a weak point of $6,500 support mark. The largest crypto has been showing low market performance.
According to cryptocurrency technical expert, Edward Morra, bitcoin had experienced a major decline in volumes during the entire 2018. The drop in bitcoin value can be interpreted in two different ways. The market might be showing signs of trader fatigue or sellers are not taking part in crypto exchanges over the market’s volatility.
These two factors are linked to bitcoin’s short-term value trendline. In the end, bitcoin has maintained a market stability at around $6,550. An analysis of the data shows that bitcoin might be on the way to a short-term positive trend. This is after bitcoin hit five higher lows within the last 30 days.
Just in case the market cap of bitcoin continues to rise and surpass the $3 billion level, it is, therefore, possible that the crypto’s higher lows will act as a catalyst for high prices. With the trend, bitcoin might just hit the $7,000 mark.
A notable cryptocurrency trader and expert, Crypto Rand, said bitcoin is currently on the verge of a major breakthrough. He pointed out that just in case the resistance level is surpassed, then bitcoin might stand at $7,500. He said this figure will be the first target. He pointed out that the next breakout might happen within three days.
From early August, bitcoin has shown some stability trading around $6,400 to $6,700. Last month, bitcoin surprised many by surpassing the $7,000 mark. From that moment, bitcoin has been trying to hit a high price range.
The next high breakout can be pushed by a significant recovery. Top cryptocurrencies are set to reap big if fortunes of bitcoin will soar higher.