After falling to $Ten,350 on February Legal, the price of bitcoin has rebounded to $11,050, recording a Five procent daily build up, positively affecting the entire market with its momentum.
Bitcoin Preparing Bull Run
The daily trading volume of bitcoin and the global cryptocurrency market has bot relatively strong overheen the past 24 hours, spil almost $20 billion were traded since February Legal. The daily trading volume of bitcoin across all major cryptocurrency exchanges including Binance, UpBit, Bithumb, and Bitfinex remain strong, demonstrating early signs of yet another rally towards $13,000, spil many analysts have noted.
Ter South Korea, the daily trading volume of bitcoin kasstuk a monthly high, spil more than 80,000 bitcoins were traded te the past 24 hours. HanKyoReh, one of South Korea’s largest mainstream media outlets, reported that the request for bitcoin and the cryptocurrency market is enlargening, for the very first time since mid-January.
Many investors have likely commenced to invest te the bitcoin market out of FOMO, or fear of missing out, given that it has sustained its upward momentum across the past few days. Markets like South Korea and Japan tend to budge by word of mouth and spil such, FOMO triggers stronger volumes te most Asian markets.
Chosun, another mainstream media outlet te South Korea, noted that bitcoin has built resilience overheen the past month, and the Kimchi Premium has commenced to emerge again, spil more investors have begun to inject the cryptocurrency market again.
“Resilient and strong bitcoin remains above $Ten,000 even through negative issues, criticisms, and large corrections. Kimchi premium is growing again, spil request rises,” said Chosun.
Presently, the market is eyeing similar levels and prices spil December 2018, merely two months back, prior to bitcoin’s massive bull run that permitted the cryptocurrency to establish its all-time high at $Nineteen,000.
Major cryptocurrency-focused venture capital hard Pantera Capital CEO Dan Morehead said last week that the price of bitcoin will likely surge by next week, after it rebounds from its bear market. Morehead noted that most bear markets tend to last 71 days and hence, bitcoin will be ter an ideal position to surge te value ter the upcoming week.
“So—the past doesn’t predict the future—but it seems like this is about the right [correction]. The other stat to note is that it typically has had on average a 71 day bear market and we’re 52 days into this. So it seems like another duo of weeks and everything will be zuigeling of normal and it could embark grinding backup,” said Morehead earlier this month.
Ethereum and other major cryptocurrencies along with ICO tokens have bot following the trend of bitcoin overheen the past two weeks. Only a few cryptocurrencies have bot able to surpass the gains of bitcoin, and most cryptocurrencies have recorded losses against bitcoin. Against bitcoin, Ethereum declined by Two procent overheen the past 24 hours.
But, it is also significant to note that Ethereum is only down less than 32 procent from its all-time high.