Market Analysis

Cryptomarket’s trading volume increases to 13 billion USD as cryptotraders become more optimistic

Cryptomarket’s trading volume increases to 13 billion USD as cryptotraders become more optimistic
Nov 7, 2018 by Rico Wise

BTC, for instance, has registered a significant volume growth, adding 1.2 billion US dollars with the period of seven days, accounting for an over 40% increase.

Being incentivized by the volume gains of the world’s most dominant digital currency, the price of big digital currencies, such as XLM, ADA, and TRX has grown by 3-5%.

XRP currency managed to register an over 12% spike within the day’s period, almost doubling the cryptotrading volume from 400 million to 800 million US dollars.

As per a renowned cryptotrader and tech analyst going by the nickname of DonAlt, at the moment BTC is likely to engage in bullish movement backed by a volume growth experienced within the period of the recent week.

Nevertheless, in order to state a confident rally in the short term, Bitcoin will need to make a breakout of the 6,500 USD level of resistance, which in the recent months has been exceeded only one time, back in the middle of September.

At such dominant cryptoexchanges as Kraken, Coinbase, and Gemini, all of which are widely known for their compliance with very strict policies in terms of crypto-to-fiat cryptotrading activities within the jurisdiction of the United States, Bitcoin has so far been stuck at approximately 6,390 US dollars, not being able to perform a breakout from the 6,400 USD level.

In the meantime, the seesaw trends in the Bitcoin’s cryptomarket have a positive impact on dominant digital currencies and altcoins. Still, for Bitcoin to start the upside movement on the same scale as ETH, BCH, XRP, and XLS have registered in the past seven days, a definitive breakout from the 6,500 USD price level has to be performed.

The sudden volume and value growth of dominant digital currencies and lesser market capitalization digital currencies display the eagerness of financiers to engage in high-risk activities to obtain high levels of profit regardless of the cryptomarket’s volatility.

Restored optimistic sentiment regarding the cryptomarket, which was caused by multiple key factors, such as the introduction of Bakkt BTC futures market scheduled for the next month, and the Fidelity’s setup of the cryptocurrency custodial services have let the cryptomarket exercise a slight recovery.

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