21 Feb 2019
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.cryptocurrency trading Bitcoin price Crypto Price Ethereum Price Volatility