The 24-hour trading volume of cryptocurrencies is stable for now as all the stakeholders wait with their fingers crossed to see where the market with lean. However, many are anticipating Bitcoin to struggle to stay above $6,300 mark rather than making a run for the $7,000 resistance level. One thing that you can be sure of is whatever performance will be observed by major cryptos like Bitcoin and Ethereum, the whole market will follow suit.
Bitcoin simply cannot summon the strength and momentum it needs to raise its value when its trading volume is declining consistently. Within the last 24 hours, the cryptocurrency has lost another $0.7 billion from its trading volume, dropping down to $3.9 billion from the initial $4.6 billion. Similarly, the native cryptocurrency based on Ethereum’s blockchain protocol known as ether is having an even worse time as its trading volume drops by 31 percent, which is twice as worse as Bitcoin’s 15 percent decline.
The 24-hour trading volume of Tether is actually improving during this time, rising about 10 percent in the last 24-hour period to $2 billion. This hints to the fact that crypto exchanges including Binance are hedging the value of major digital entities against the US dollar by using stable crypto coins.
You have to admit that Bitcoin currently is doing quite better since the start of July as it has been able to get stable at the center of the $6,000 and $7,000 price range with the only volatility observed within the $6,300 and $6,700 marks. Since the 2nd of July, Bitcoin hasn’t shown any noticeable rally, but no downtrend has been observed either in this time period. This is primarily due to a decreasing volume in the market.
Experts believe that within the short-term, Bitcoin will more likely decline towards the $6,000 mark rather than rise to the $7,000 resistance level. Both the major cryptocurrencies (Bitcoin and Ethereum) have failed to rise in the recent days which is why many are believing that the crypto market is only going to gain a negative momentum soon.
The only hope that currently remains is if the market experiences a major breakthrough during this time which will allow the markets to go hot in an instant, summoning a rally which might even break the all-time highest 24-hour trading record of the cryptocurrency market. Arthur Hayes, CEO of BitMEX, said in an interview that an approval of a publicly tradable asset or a major regulatory breakthrough could be the decisive game-changer for the cryptocurrency industry this year. A hedge fund trader and a known bitcoin researcher is known as CypherSpook also implied the same and suggested that if a major breakthrough is achieved between a major country’s government and the crypto industry, the market could secure a rally through which Bitcoin may even reach $50,000 price mark by the end of 2018. Right now, anything that turbocharges the trading volume of Bitcoin would be good news for traders.