Cardano (ADA) and Ripple (XRP) have jumped more than 10% over the past 24 hours, while Bitcoin has maintained its stability, leading the recovery of the cryptographic market.
Earlier this week, the valuation of the crypto market dropped to $ 190 billion, which led investors to fear a potential fall in the annual low point of the market to $ 185 billion.
Bitcoin has remained relatively stable in the region at $ 6,300, as it has been in recent weeks.
Progressive recovery
On 16 September, when the price of Bitcoin was close to $ 6,500, CCN said that the low volume of the dominant cryptocurrency could be considered a short-term market weakness, which could make large currencies vulnerable to a fall. prices.
"In general, after a slight decrease in prices, a minor recovery occurs and the main crypto-currencies increase by small margins. However, the low volume of Bitcoin, currently at $ 3.3 billion, may be considered a concern for traders, "says the report.
On September 17, the price of Bitcoin fell below $ 6,300, ETH, the native cryptocurrency of Ethereum, having fallen back into the region of $ 190.
After registering a minor recovery on September 18, the crypto market posted decent gains in the last 48 hours. Crucially, the volume of Bitcoin, which remained below $ 3.4 billion in recent days, has recovered $ 4 billion.
In just three days, Bitcoin experienced a volume increase of more than 26 percent, from $ 3.4 billion to $ 4.3 billion.
Such a rapid increase in Bitcoin volume, supported by the strong performance of major cryptocurrencies such as Cardano and Ripple, should fuel a near-term recovery, with resistance levels of $ 6,500, $ 6,600 and $ 6,800 .
For nearly two months since the beginning of August, Bitcoin has struggled to get out of the region by $ 6,000. BTC remained volatile in the range of $ 6,300 to $ 6,600, unable to find its pace in the region of $ 6,000.
If the volume of BTC around 4 billion dollars can be maintained in the coming weeks, a potential recovery towards 7 000 dollars is possible, the market having shown weaknesses despite oversold conditions massive.
Analysts say the continued fall in prices of major cryptocurrencies will likely lead to a strong rally, especially if investors in the global cryptographic market recognize oversold conditions and refuse to sell in the low price range.
Optimistic Developments
This week, UPbit and Binance, two of the world's largest cryptocurrency exchanges, have expanded to Singapore, a region known for its friendly regulations on cryptography and blockchain, but struggling to thrive. large-scale exchanges.
Government officials in the UK have stressed the need to develop the local cryptocurrency and blockchain sector to ensure its competitiveness with other major regions.
In terms of regulation and institutionalization of cryptocurrencies, the market appeared to be evolving in the past month compared to the last eight years.