Cryptocurrency Daily Trading Volumes Hit the Sky. Will it Continue?

Cryptocurrencies are still recovering from the plague of the bearish market, but recent trading volumes data offer the crypto community a reason to believe cryptocurrencies are bouncing from the bottom.

The 300-day high is coming amid a somewhat stable market, and the $33,7 billion trading volume activity surpassed the tops from the end of April 2018. Nevertheless, the trading volumes remain quite low, especially when we compare them with the $68 billion all-time high, recorded in January 2018. But trading volumes have a different story to tell – the $68 billion marks were hit when Bitcoin was trading at around $15,000, but now the price per one BTC is about $4,000. The calculations suggest more transactions than ever recorded in crypto history.

Bitcoin – will it pass $4,000?

Bitcoin’s attempts to pass the $4,000 resistance remain, as the leader in crypto market capitalization is fluctuating between $3,940 and $3,980. Trading volumes are around $9 billion, which is almost 50% increase over last week. Indicators, however, suggest that a breach over $4,000 will be hard to maintain as the bears are still getting pressure on the global crypto leader.

BTC price (source: https://cryptobrowser.io/coins/bitcoin-btc/)

Ethereum – the biggest gainer

Ethereum (ETH) made a drastic surge upwards, doubling its trading volumes – from $2,5 billion last week to $5,8 billion on 19th of February. Ethereum’s price remained without significant volatility, but traders managed to move nearly $6 billion worth of Ethereum. The price of Ethereum spiked at just below $150 per ETH, as market trading volumes skyrocketed.

ETH price (source: https://cryptobrowser.io/coins/ethereum-eth/)

The upward thrust in crypto trading volumes shows renewed interest among investors and institutions. The interest resulted in a 13-percent increase of the total market capitalization of cryptocurrencies, spiking from $120 billion to $135 billion.

Is this the end of the low?

There are signs that we are at the end of a bear market, but such a positive trend must remain at least for a month to see the end of the bears. Some experts think we are at a stage of market stabilization and volatility elimination, but the market is unpredictable, as we saw last month.