Bitcoin Hits Highest Volume in 9 Months
In the last 24 hours, the valuation of the crypto market increased by $8 billion as the Bitcoin price neared the crucial $4,000 resistance level.
Major crypto assets in the likes of EOS, Ethereum, and Bitcoin Cash recorded gains in the range of 10 to 30 percent.
Most cryptocurrencies have started to see record high volumes across leading cryptocurrency exchanges, demonstrating an increase in demand for digital assets.
WHAT IS CAUSING THE RALLY AND CAN BITCOIN SUSTAIN ITS MOMENTUM?
Prior to the rapid price movement of Bitcoin from the mid-$3,000 range to $3,995, one cryptocurrency trader said that the volume of the dominant cryptocurrency is at a 9-month high.
“Volume precedes price. We’re on our way to the highest crypto volume day since the beginning of the bear market. It’s already the highest volume day since May 2018. Oh, and BTC transactions are almost back to ATH as well,” the trader said.
Throughout the past six months, the core concern of analysts regarding the mid-term trend of crypto assets has been the lack of volume and trading activity in the digital asset market.
The overall crypto market is seeing a marked increase in trading activity. Source: Coinmarketcap.com
The low volume of major digital assets allowed minor downside movements to lead the market into large-scale sell-offs with relatively low sell-pressure.
As the market continued to demonstrate vulnerability to small downside movements, bears had an edge over bulls since mid-2018.
