Thursday, July 18, 2019

Bitcoin Daily Volume Hits 15 Months High; This Could Indicate The End Of The Bear Market

The wave of positivity that surrounds the crypto market of recent suggests the bear market is near its end or probably has reached the end. The winter market over the past 15 months is like a long walk in a dark tunnel. The old maxim says there is always light at the end of a dark tunnel. Maybe the ray of light has shone.

Bitcoin Trading Volume Steadily Rises

Maybe, one of the many testaments to the crypto winter market nearing its end is the recent surge in the trading volume of Bitcoin. In recent time, the volume had taken a sudden spike that sees it experience a 150 percent increase since the past five months, when it was at a low. The level of daily trading seen this year has not been seen since January 2018.

A crypto commentator attests to this on Twitter by stating that in nine days over the past 12 months, a total of $10 billion could be accounted for in trading volume. And 5 of the nine days have been this month. Majority of others were recorded in February. It is therefore expected the market keeps it pace partaining to the consistent growth of the volume we’ve experienced in past days.

Bitcoin Price Stability

While the volume of Bitcoin trades have surged, there has been stability in its price of recent. There have also been gains which have seen Bitcoin trade a little above the $4,000 mark.

The surge in volume and gains might just be a signal that the winter market is over. Also, it might mean that the ray of light is already shining at the end of the long dark tunnel.

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Where the market is headed has been a debate of recent, especially between the technical analysts and the fundamental analysts. The technical analysts envisages a further drop in the value of Bitcoin before the bull market starts again. Meanwhile, the fundamental analysts think that the bull market will take place soon based on adoption and support the market has experienced recently.

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However, these market gains are still not explicit enough to indicate whether the bear market is over or not. Maybe, like Filb Filb, a cryptoanalyst noted recently, that if the $3,950 can hold as a support level rather than it being a major resistance, then the bulls are once again gaining the upper hand. Also, another analyst noted that Bitcoin must shatter the $4,600 to $5,000 and also the $6,000 before we can safely say its a bullish trend.

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Babatunde Modupe
I am a freelance writer, Poet, blogger and cryptoenthusiast that is totally interested in blockchain technology and sharing it's Information with others.
 

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