Crypto Market Shows Signs Of Recovery As Major Coins Record Spike in Volume
Over the last 24 hours, cryptos like Bitcoin cash have shown major signs hitting the peak.
Bitcoin In Sideways Price Movement
A review of the cryptocurrency market shows an interesting trend as cryptos like ethereum and bitcoin have risen by five times in value. This is an indication that the market might be preparing for a major recovery. Notably, data from major trading exchanges shows that daily trading volumes are also on the rise.
In South Korea, Bitcoin’s trading volume resulted in a spike of volume across exchanges. The BTC-KRW pair rose from $3.1 billion to stand at $4.4 billion by press time in a week’s period.
Bitcoin saw a 1% rise in its value and a minimal price shift was projected to happen. The shift is based on historical trends under bitcoin where the crypto has shown the highest level of market stability. We also need a catalyst considering the current market conditions if we want to see Bitcoin record a 5-10% rise in value.
However, Bitcoin should expect some resistance along the way as it moves over the $6,400 mark. For the temporary value growth, Bitcoin needs to show a formidable shift over the $6,500 mark accompanied by a decent backing in volume.
Away from Bitcoin, other coins like Ethereum and Bitcoin Cash have shown great improvement in the past day. For Bitcoin Cash, it has moved above the highest volume recorded by XRP back in October. XRP's value had tripled during the period.
In October, Ethereum was dormant in terms of price movement. A notable performance came when it recorded a growth of 4% to trade at $208. At this point, it broke the $200 resistance mark.
Commenting on the trend, crypto expert Josh Rager stated that Bitcoin could be indicating rising volatility within the short period and a sideways growth this month might just be another possibility.
According to cryptocurrency trader, Hsaka, the projection by Rager was correct. He said that in November, Bitcoin might have a hard experience trying to move above the $6,800 mark.
With a spike in the volume of Bitcoin Cash in Korea and Japan, we might witness a temporary shift of leading cryptocurrencies. At the moment, the breakout is hard to confirm until bitcoin moves past the $6,800 mark.