In other news, the crypto market had a boost of $8 billion in less than 24 hours with BCH and Ether being the prominent gainers having a jump of 3 percent with an increase in volume. 0x and Tezoz were the biggest gainers with a jump of 17 percent and 12 percent respectively. However, BTC failed to cross $6400 mark being stuck around $6350 mark. Bitcoin witnessed a few multi-million dollar buys, including one worth $1.06 million on Bitfinex which served as the main reason behind the price jump. According to the Relative Strength Index (RSI), momentum average convergence divergence (MACD) and moving averages, it is safe to assume that the market will be growing in the short-term.
However, the crypto market has been reeling from the volume, making it a huge issue. Last week, the volume of bitcoin was at $5 billion with the market volume in the north of $15 billion. Today, it is $3.2 billion and $10 billion respectively. There have been a few technical indicators which show strong buy signals, but the short-term trend could be hampered if there isn’t adequate volume. Therefore, despite such remarkable gains, the industry is still looking at the downward trend.
The investors will have to discern the volume of the market, as the highly erratic nature of the market could trigger significant changes in the momentum and volume. A huge increase in the volume of Bitfinex or Coinbase could start a downward trend. The next rally of the industry, which is still a few months away, will definitely indicate the positive developments over the last three months.
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