Bitcoin Volume Archives - 2100NEWS

UrbanJuly 24, 2018
Hightlights-2-1280x681.png

5min457

According to sources who are analysing the current situation regarding the bitcoin price consistently, it appears that the cryptocurrency may be in line for a major breakout.

An analysis from Telegram groups and recent comments on Discord channels have also appeared to confirm this sentiment.

bitcoin price chart
BTC/USD | Bitstamp | Source: BitcoinWisdom

Bitcoin has officially made a higher high on the daily, testing a big resistance at $7,800 (inverted head and shoulders target) and testing the mid-term downtrend line. The top line has now broken and one can expect a big run up in the days ahead. According to sources, if the line is broken more this week at the right time, it will cause a flood of buying followed by a small retracement or correction.

bitcoin price
BTC/USD | Bitfinex

At present, the bitcoin price is trading just above the $7,700 level on Bitfinex, with turnover slightly on the lower side when compared to last week’s levels. What is different from the usual is that all major cryptocurrencies have either registered small drops or are stable, with BTC being the only real gainer alongside bitcoin cash and cardano. Sources said that it is still not the season for alts –- these continue to perform sluggishly although that could change when bitcoin starts its upward ride.

The fact that BTC pushed a higher high is already bullish, and we also closed the daily with a higher low. The RSI keeps peaking into overbought conditions and cooling off, maintaining bull momentum for the upcoming ETF news. The news regarding a new bitcoin ETF would certainly send the market skyrocketing upwards.

It appears that bitcoin is nearing bull confirmation, with high volume coming from buyers. A break of $7,800 can send BTC into a run to $8,250, which is the level needed to break and confirm at least mid-term bull, as it is a swing high of the recent downtrend.

Sentiment remains bullish, with bears struck in fear with every leg up. This is looking great for BTC; however, we are still in a 6-month bear market trend, so it would be good to keep an eye on price movements.

Key Supports:

$7339
$7214
$7075

Key Resistances:

$7798
$7943
$8225


UrbanJuly 20, 2018

4min387

Seven months into a severe cryptocurrency market downturn, the bears have finally run out of steam, leaving the bitcoin price primed for a breakout.

That’s according to Barry Silbert, founder of the Digital Currency Group (DCG), perhaps the cryptocurrency industry’s most prolific investment fund.

Speaking with CNBC on Tuesday, Silbert said that the recent surge above $7,000 likely indicates that the bottom is in for the bitcoin price.

“I think the bears just kind of ran out of energy,” he said, noting that “a lot of institutional money” was looking for an opportunity to get in.

Grayscale Investments — the creator of the Bitcoin Investment Trust (OTC: GBTC) and a DCG portfolio company — revealed this week that institutional capital accounts for 56 percent of the more than $248 million that has been invested in GBTC and other Grayscale products during the first half of 2018. By comparison, Silbert said, the fund was onboarding virtually no funds from institutions as recently as one year ago.

bitcoin price
5-day Bitcoin Price Chart

The DCG founder, who bought his first BTC when it was trading $10, also said that he took it as a bullish sign that U.S. Federal Reserve Chair Jerome Powell, as well as several billionaire investors, have recently issued public statements criticizing cryptocurrency, yet the bitcoin price has held steady.

Powell, for instance, told Congress yesterday that the nascent asset class raises a number of consumer protection issues for “unsophisticated investors” and that cryptocurrency should not be considered real currency.

“When the chair of the Fed says negative things about bitcoin, and Howard Marks says negative things about bitcoin, and Ken Griffin says negative things about bitcoin, and bitcoin doesn’t move, I think that’s a bullish sign,” Silbert said.

The bitcoin price traded up approximately one-half-of-one percent on Wednesday, reaching a present value of $7,506 on cryptocurrency exchange Bitfinex. Bitcoin now has a market cap of $128.3 billion, which represents a 43.8 percent share of the total value of all cryptocurrencies, which currently stands at $292.7 billion.


UrbanJuly 19, 2018

4min438

The volume of bitcoin, the most dominant cryptocurrency in the global market, has risen by two-fold in the past week, supporting the recent mini bull rally of the crypto market.

Last week, CCN noted that the low volume of bitcoin is a concern for the short-term trend of the market. For instance, on July 9, the volume of bitcoin was lower than that of Tether (USDT), a widely traded stablecoin whose value is equivalent to the value of the US dollar.

Less than seven days ago, the volume of BTC was below $3.3 billion and as of July 18, the volume of BTC remains above $6.4 billion.

Tether’s Volume is Still $4 Billion

The daily trading volume of Tether is still at $4 billion, at its all-time high. In a bear cycle, the high volume of Tether can be referred to the action of traders of hedging the value of major digital assets to the US dollar. In a bull market, an abnormally large volume on Tether can be attributed to traders moving their funds out of the stablecoin to invest in digital assets.

On major cryptocurrency exchanges like Binance, the trading volume of BTC against USDT has increased by over four-fold, from $100 million to $432 million. The recent rally of BTC from $6,600 to $7,400 and the surge of Bitcoin Cash from $700 to $860 could not have been able to sustain itself if the volume of the crypto exchange market had remained low.

However, over the past few days, the volume of major digital assets including bitcoin, ether, Ripple, Bitcoin Cash, and Tether have complemented the mini bull run, creating a more stable rally for investors in the cryptocurrency market.

The market valuation of the cryptocurrency market is still below $300 billion and in an overall view, the cryptocurrency market is still in a bear market, until it achieves major support levels. Bitcoin was hovering around $10,000 less than two months ago and as of current, it is struggling to find momentum above the $8,000 mark, and as such, it is too early to conclude that the two-day rally of the cryptocurrency market will be prolonged throughout July.

Surprising Behaviour

Normally, the price spike of bitcoin and ether leads to small cryptocurrencies and tokens performing extraordinarily well, especially tokens based on the ERC20 token standard.

Apart from Polymath (POLY), Aelf (ELF), and WanChain (WAN), and a select few major digital currencies like Cardano (ADA), most have been outperformed by bitcoin, ether, and Bitcoin Cash over the past two days.

It is possible that investors are reluctant towards taking additional risk in allocating their funds in small cryptocurrencies in a recovery period that was only initiated less than 24 hours ago, after a week of strong downward trend.

From here, if bitcoin and the rest of major cryptocurrencies can sustain their high volumes, a likely move for the cryptocurrency market is to surpass the $300 billion mark and potentially eye previous support levels for bitcoin and ether, at $8,000 and $600 respectively.



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