Despite the fact that the trading volume of the world’s most dominant digital currency is still at nearly 3.3 billion US dollars according to CoinMarketCap, Bitcoin has managed to push its value to the level of 6,600 US dollars, enabling such altcoins as TRX and ZRX to perform a 14-18% rally.
As per the analysts, the volatility decrease seen with the dominant digital currencies signifies the maturing of the cryptomarket, which finally started establishing itself. Price analyst known by the nickname Rampage claimed that BTC has evidently approached its bottom. Bitcoin is not likely to drop lower than its current price, even in the event that the cryptomarket valuation goes lower than 10 billion US dollars.
Echoing the opinion of Mike Novogratz, Rampage highlighted that the cryptomarket has begun to display oversold conditions, making the bears of the cryptomarket unable to sell at low price in the lower area of mid-6,000 dollars.
With Bitcoin setting up its legs at 6,500 USD region, Alex Kruger, a digital currency merchant, believes that BTC is slowly bouncing back and there is a high chance for the currency to initiate a strong short-term bullish movement.