Bitcoin Breaks All-Time High Volume touched $89 Billion
Bitcoin bulls are back……………
The daily trading volume of Bitcoin makes a new all-time high in Bitcoin history (since 2010). Today Bitcoin highest recorded volume is $24.9 Billion. Previous all-time high volume is $23.6 billion back in December 2017. Bitcoin is now trading above $5100.
December 2017 was the best time in crypto history yet and total marketcap at that time is above $800 billion. In January 2018 Bitcoin seen a massive dump and the market enter into the longest bear market in crypto history (15 months).
Bitcoin gains more than 20 percent in a single day. This huge pump maybe because of some rumours and fake news on media about ETF approval.
The Trend is Changing?
Bitcoin not seen this type of pump with huge volume in the last year. Bitcoin is now trading above 50,100 and 200 MA (Moving Average) on 1-day charts. This is a bullish sign for short term. The 200 MA is still in downward direction however if Bitcoin is able to hold above $4800 this scenario will change soon.
The huge volume is a sign that the bears are not in control anymore. Bears are unable to suppress the price further, the Bitcoin bulls are back. This does not mean that we can see $20,000 in the next couple of months. This is simplly means that the bear market is over and now we are in accumaltion/sideways market.
The market will trade in the range of $4200 to $5200 for the next 2-3 months. We will see a good altcoin rally in the incoming months.
The total marketcap of cryptocurrencies is $180 billion according to coinmarketcap data. $40 billion was added in the last 36 hours. Bitcoin total marketcap is $90 billion which was $73 billion 1-day ago.
Almost every cryptocurrency in top 100 follows Bitcoin steps and showing double-digit gains. Litecoin (LTC) and Bitcoin Cash (BCHABC) outperforming Bitcoin in the last 24-hours. DogeCoin (DOGE) is the second highest gainer of the day. DogeCoin price surges after Elon Musk joined as CEO of the cryptocurrency.
