The past 24 hours were positive for the largest cryptocurrency by its market cap, Bitcoin, but not so positive for its trading volume.
As Bitcoin comes closer to $7,000 in a new minimal surge, the tokens such as Digibyte, Aelf, Polymath and 0x have all rebounded, pushing the crypto market valuation to $258 billion.
Bitcoin and Ether, the native cryptocurrency of Ethereum, have both recorded a 2% increase from yesterday’s price range. While Bitcoin rebounded to $7,160, Ether reached $413. Currently, Bitcoin’s price is circling around the $7,000 gap while Ether is also moving up and down the $400 gap.
What’s most shocking is the fast drops of both Bitcoin and Ether. These were mainly due to the low volume that the market has recorded over the past couple of days. In fact, since July 24th, when Bitcoin reached $8,500, the market has been struggling to recover and demonstrate any sort of momentum.
These days, the volume of Bitcoin is dropping to $3.7 billion while Ether is moving around a $1.4 billion volume, both dropping by more than 50% since mid-July. Currently, analysts predict that a large sell-off is happening behind closed doors in the over-the-counter (OTC) market which will take some time for the public cryptocurrency exchange market to reflect.
In the end, the low volume of the crypto market is definitely a worry for many short-term investors. If Bitcoin fails to rebound to the $7,000 resistance level, BTC will likely continue to fall based on the current trend.
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