In an unexpected turn of events the cryptocurrency market has added $5 billion to its valuation as Bitcoin saw a steep increase in price for the first time since August 9th.
Throughout last week bitcoin fell short and lost traction as it fell bellow the $6,500 mark which it managed to sustain for several weeks. Already some tokens including Wanchain, Verge and Aeternity have start to to show signs of an upward movement as it rises 4 – 5%. Ripple too has stabilized at 3.5% when it increased this week.
“Since August 9, the price of BTC has remained relatively stable in the range of $6,400 to $6,800. Apart from one instance in late September during which Bitcoin tested the $7,000 resistance level, the asset has shown a record high level of stability since June of 2017.” reports www.ccn.com
However some analysts and industry experts have shown displeasure and uneasiness with the short-term price trend of BTC. “Rampage” an online trader says – “Declining volume, weaker bounces, lower highs. Demand is getting eaten up and it’s just a matter of time until we break support for new yearly lows. There is nothing bullish about this chart,” he explained.
Since this occurrence, the volume of bitcoin dropped from $4.3 billion to $3.8 billion on Coinmarketcap. On Coincap.io, the cryptocurrency market data provider of ShapeShift, which filters out exchanges suspected to have inflated volumes, the daily trading volume of Bitcoin hovers at around $2.57 billion, down 0.23 billion since October 2.
Some analysts state that the less risky approach to capitalist on this market increase is wait it out and observe minor movements in the market because the The decline in the volume of Bitcoin in itself could either represent fatigue of bears or general decline in momentum of the asset.
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