Aug 28, 2018 16:59 UTC
Aug 28, 2018 at 16:59 UTC
What is up with Bitcoin? A Market Analysis.
BTC Wires: The last couple of days have seen the crypto-market make a rather stunning $12 billion recovery. In spite of the low expectations held by most investors towards BTC, it’s volume has seen the market recover to $228 billion from $216 billion.
The value of BTC has managed to move past the crucial $7,000 resistance mark, after having similarly surpassed the $6,800 mark. Bitcoin investors had widely and unanimously agreed that this development was absolutely key for the short-term recovery of BTC.
According to market studies, had Bitcoin not managed to move ahead of the $6,800 mark, it would have led to a recovery market of BTC being initiated, which could potentially lead the value of the coin to fall back to a mere $6,000. However, BTC managed to gain a lot of momentum through a good peak in volume, and has managed to recover beyond $7,000, and has also brought into the market more tokens.
Most tokens have in general had a pretty good run over the past week, with Dash, Gas, and IOTA holding upmas the best performing digital currencies of 28 Aug, with respective profits of 26%, 22%, and 19%.
Through the length of August, as BTC managed to fall from $8,000 to a mere $5,850, a majority of tokens and digital currencies with tiny market caps have performed rather likely against both BTC and the USD.
The last couple of days have seen 0x, OmiseGo, Quarkchain, ICON, and Nano make considerable profits against the USD, showing 5-15% profits against BTC.
Just yesterday, the market volume of BTC was under $3.5 billion, with the daily volume of the entire crypto-market keeping around $9 billion. On 28 Aug, the Bitcoin market volume rose beyond $4.5 billion, and the crypto Market volume saw a recovery to $12 billion, indicating an obvious rise in demand.
The most largely recognised crypto-exchange in the international market, Binance, shows that the vine of the BTC-USDT pair has peaked above $316 million, which had not happened since July, when BTC had risen beyond $8,000 last.