According to the data provided by CoinCap.io, BTC trading volume sits at approximately 2.54 billion USD. In the event that it loses around 15% in the upcoming days, there is a chance for the world’s most dominant digital currency to set a new yearly low.
Low BTC volume is a troubling sign for the short-term tendencies of the cryptomarket due to the fact that Bitcoin has displayed a long and confident stability from the beginning of August, supported by low level of activity in the daily trading.
According to Roy Blackstone, a cryptoinvestor, the most popular digital currency needs to start displaying its strength volume-wise, setting up promising price trends, gaining momentum and improving the level of daily trading for the remainder of the cryptomarket to stay floating and above the crucial support levels.
Currently, the cryptoexchange market is not in a favorable position to experience a spike in demand from speculators and retail merchants, when BTC regularly displays yearly low trading volumes.
The majority of the traders in the market of cryptoexchange try to buy cryptocurrencies, which are substantially low comparing to their all-time highs, attempting to catch a major breakout on the upside. Nevertheless, it only works when the currency makes a significant surge, supported by a decent trading volume.
The insufficiency of Bitcoin’s momentum has cause other currencies and digital assets with lesser market capitalization to have troubles. Such digital currencies as Rchain, WanChain, ICON, 0x, MOAC, GXCHain, Tezos, Loopring, and Nano have all displayed 5-10% price decrease against both USD and Bitcoin.