Major cryptocurrencies including Bitcoin Cash, Bitcoin, and Ethereum rise almost 3 percent in the last 24-hour trading segment. The biggest reason is the gain in market valuation by $8 billion. Bitcoin’s price again attempted to break the $6,400 barrier but was stopped short yesterday. Today, the cryptocurrency again shows potential by rising to almost $6,400 on July 15th. The digital currency is now holding an average gain of 1.9 percent daily. Could this be the bearish rally the world is dying to see?
Ether, the native cryptocurrency of the popular Ethereum blockchain network, and Bitcoin Cash have recorded gains of about 4.5 percent in the last 24-hour trading period which also has been largely supported by gains in trading volume. On the other hand, Tezos (XTZ) and 0X (ZRX) have recorded astonishing gains of 12 percent and 17 percent respectively in the last 24-hour trading session, becoming the best performers in the market for 15th of July.
According to a number of predictive algorithms including momentum average convergence divergence (MACD), relative strength index (RSI), and other moving average calculators conclude that the upward trend of Bitcoin should continue for the time being. What could happen in the long-term is anyone’s guess right now.
It has been noticed that some investors are placing large buy orders for bitcoin which seem to attract attraction to the market as the value of the cryptocurrency increases because of those orders, ultimately attracting a large number of buy orders that only help increase the price further. The same case has been observed today as several multi-million-dollar buy orders were placed in major cryptocurrency exchanges which ignited the spark in the market. One such order was made in Bitfinex, buying $1.06 million worth of bitcoin while playing a key role in a speedy recovery of market valuation within the last 12 hours.
None of this improved performance of the crypto market can overshadow the fact that low trading volumes are still a major issue in crypto markets and this is the main reason why potentially bearish corrective rallies have abruptly dissipated this past month. Many still believe that unless the market starts seeing an increase in daily action, Bitcoin may not be able to hit its previous support levels like the $300 billion mark. If you think about it, Bitcoin was actually in a better position last week when it had a trading volume of about $5 billion with the entire crypto market processing around $15 billion in a 24-hour trading session. Currently, Bitcoin is barely able to maintain the $3 billion mark while the market struggles to stay above the $10 billion mark.
While many technical and statistical algorithms indicate that the cryptocurrency market as a whole will keep improving, for the time being, it is certain that if the market fails to improve, or even retain its daily trading volume, the improvement will be only temporary and account for nothing in the long run.