Crypto Market Volume Explodes to $13 Billion as Traders Grow Optimistic
2018年11月7日 - 9:48PM
ADVFN Crypto NewsWire
Over the past three days, the volume of major cryptocurrencies
and the rest of the crypto market has increased substantially, from
around $10 billion to $13 billion.
Bitcoin, in particular, has seen a large increase in
volume from $3.1 billion to $4.3 billion within a week, by more
than 40 percent.
Led by the positive price movement of Bitcoin and its noticeable
increase in volume, the value of other major cryptocurrencies like
Stellar (XLM), Cardano (ADA), and Tron
(TRX) has increased by the range of 3 to 5 percent.
Ripple (XRP) surged by more than 12 percent over the
last 24 hours, nearly doubling its volume from $400 million to $800
million.
Where is Market Headed
According to DonAlt, a recognized cryptocurrency trader and
technical analyst, Bitcoin is currently bull-biased supported by an
increase in volume over the last several days.
But, to confirm a strong short-term movement, BTC will have to
break out of the $6,500 resistance
level with comfort to potentially test the $6,800 resistance
level, which has been broken once since August 9, in
mid-September.
“[Bitcoin is] in a very clean trading range. This is what I’m
currently looking at and why I don’t really see much reason to be
bearish,” DonAlt said.
On Coinbase, Gemini, and Kraken, three of the most heavily
regulated and strictly compliant cryptocurrency-to-fiat exchanges
based in the US, BTC is still being traded at around $6,390, unable
to break out of $6,400.
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Hence, while the sideways market of BTC is positively affecting
major cryptocurrencies and tokens, in order for BTC to initiate a
rally in the same magnitude as the movements portrayed by Ethereum,
Bitcoin Cash, Ripple, and Stellar this week, a clean break out of
the $6,500 mark will be required.
The abrupt increase in the volume and price of major
cryptocurrencies and small market cap cryptocurrencies demonstrate
the willingness of investors to take high-risk, high-return trades
despite uncertainty in the market.
Renewed optimism towards the market triggered by various key
developments including the Bakkt Bitcoin futures market launch in
December and the establishment of Fidelity’s digital asset custody
services has allowed the market to engage in a minor recovery.
Exchanges Slowly Recovering
As reported by CCN on November 6, a
new crypto exchange rankings report published by Blockchain
Transparency Institute showed a recovery in the volume of major
trading platforms. Binance achieved a daily trading volume of $1
billion, which is more than the combined trading volume of five of
the top 10 cryptocurrencies in the global market combined.
Tether (USDT), a stablecoin backed by US dollars at a
1:1 ratio, has also demonstrated a surge in volume to over $2.7
billion, suggesting that the holders of USDT are selling the
stablecoin to invest in major cryptocurrencies like Stellar and
Cardano.
Interestingly, most of the volume of cryptocurrencies that
initiated upward price movements on November 6 has come from
cryptocurrency exchanges in South Korea.
Source:
CCN
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