Today’s rise is accompanied by constantly growing volumes. Yesterday with more than $465 billion was for cryptocurrency the day with the highest trading volume since the end of February 2018.
Also yesterday, after an initial uncertainty, in the second part of the day purchases returned to the highest levels in recent years.
Analyzing the first three capitalized, Bitcoin, Ethereum and Ripple XRP, the current bullish trend started in early October is characterizing itself in a different way highlighting a general movement that remains driven by Bitcoin but, unlike the past Crypto Genius weeks, is transferring advantageous motivations also to Altcoin.
The Volumes of the cryptocurrency
Looking at the volumes traded over the last three days, there is an unprecedented amount of consecutive exchanges.
For Ethereum, yesterday’s day with over $3.9 billion traded recorded the third consecutive day above $3 billion. This has never happened before.
With almost $6 billion traded in 24 hours, it is also a record trade for Ripple XRP. Never before in the history of Ripple XRP have there been three consecutive days of daily trading on major platforms above $2.8 billion.
Positive crypto market
Even for today’s day the green sign continues to prevail with over 75% above parity. Between the big solo Ethereum (ETH) and Polkadot (DOT) I move in negative with decreases between 1% and 3%.
Both take a breath after the strong rises of the past few days with gains of over 30% in just five days.
Bitcoin (BTC) continues to do well, climbing 2% on a daily basis over USD 19,300, now a step away from the historical records of 2017. From current levels, just over 2% is missing to enter unexplored territory.
Stellar (XLM) with an increase of over 40% returns above 0.21 cents on a daily basis for the second consecutive day.
Positive day with a double-digit rise also for Ripple (XRP) up 10% even if at the mercy of short-term speculation causing rapid upward and downward swings during the same day.
Bitcoin’s market share rose above 61% with Ethereum slipping below 11.8% and Ripple trying to consolidate its dominance above 5%, the highest level in the last 13 months.
Although Ethereum continues to bleed, falling below 6.7 million ETHs stuck on the various decentralised protocols, with over $14.3 billion the total fixed asset value (TVL) on DeFi remains close to record levels.
Maker confirmed its leadership in the sector with $2.7 billion, followed by WBTC with $2.4 billion, recording a new record (124,480) of BTC transformed into Erc-20 tokens, equal to 74% of Bitcoin tokens.
The exponential rise of Bitcoin has brought the quotations back to one step from the absolute historical record recorded on December 17, 2017 to $19,891 recorded on the BitFinex platform.
Since the beginning of the current trend – mid-October – the rise has so far recorded only two days of weakness: 7 and 22 November. On both days, intraday speculation has caused prices to slide by just under 10%. It is this the data to take as reference in a similar context that from these levels does not find better references to consider in case of reversal of the trend.
Translated in operative terms it means that for the Bitcoin there are margins of movements to the decrease that until 17400 USD would not compromise the current upward trend. On the other hand, if the historical highs are exceeded by more than 19,900 USD, this could trigger a rise sustained by euphoria.
The rise of the last five days has brought prices back above USD 600, the highest level since the beginning of June 2018. A gain of more than 30% in value in less than a week, partly unexpected after the uncertainty that has been characterising fluctuations below USD 500 since last summer.
The upward climb lacks valid short-term support, which is why it is necessary to wait for price consolidation in the coming days to define a level where to attract new purchases to support a climb to new records. Any downward speculative movement should not return below USD 480.
Translated with www.DeepL.com/Translator (free version)