Bitcoin broke through $5,100, and the decline in trading volume is worthy of vigilance

Bitcoin broke through $5,100, and the decline in trading volume is worthy of vigilance

Recently, the stability of the Bitcoin and encryption markets continued to increase. Although the trading volume was lower than average last weekend, there has not been any significant price fluctuations.

As mentioned in the previous paragraph, the bitcoin and integrated encryption markets have continued to decline in the past seven days, which means the market may be preparing for the recent large price volatility.

Bitcoin gradually broke through $5,100, and the transaction volume declined in reverse.

At the time of this writing, Bitcoin offered $5,157, or 1.37%. Bitcoin is at the height of the day, but it is worth noting that the decline in trading volume may jeopardize any further strength.

Bitcoin's current trading volume is less than $10 billion, well below the weekly high of $20 billion. Bitcoin seems to be consolidating around current price levels, so a drop in trading volume may lead to greater volatility in the near future.

Not only is the volume of Bitcoin trading falling, but the volume of transactions in the entire encryption market has also declined in the past week. At present, the overall market has dropped from a high of more than 60 billion US dollars to more than 30 billion US dollars.

Analyst: Bitcoin will continue to lead the way in the encryption market in the near future

Josh Rager, a popular cryptographer on Twitter, compared charts for Bitcoin and the entire crypto market in a recent tweet. He said that when evaluating potential transactions, he would refer directly to the Bitcoin chart instead of the crypto market. Chart, because bitcoin has too much impact on the market:

“When I make a market price forecast, I will first look at the Bitcoin chart (because the bitcoin market share exceeds 50%), followed by the Ethereum and the Altcoin chart. Of course, Ethereum will also have a certain amount of altcoin in certain circumstances. The impact, but not always.—Josh Rager (@Josh_Rager) April 14, 2019”

Josh Rager also said that the surge in encrypted market capitalization last week did not trigger a rise in the price of the currency, but to some extent reflected the renewed interest of individual investors and traders in cryptocurrency.

“Considering W/BTC's 54% dominance in the market, MCAP's total volume has not been extremely bullish. But it does show investor/trader interest. — Josh Rager (@Josh_Rager) April 14, 2019"

With the arrival of the new week, the market trading volume may rebound, and investors and traders will have a better understanding of the direction of the market.

Author: Kiran
Remarks: Bitcoin86 manuscript article, please indicate the source. The article is an independent view of the author and does not represent the standing position.

We will continue to update Blocking; if you have any questions or suggestions, please contact us!


Was this article helpful?

93 out of 132 found this helpful

Discover more


Wu said Zhou's selection Hong Kong regulatory agency opens retail trading, Curve hacked, Binance US Department of Justice progress and news Top10 (0729-0805)

Author | Wu's Top 10 Blockchain News of the Week. The Hong Kong Securities and Futures Commission has approved the li...


Wu's Weekly Picks: HSBC launches cryptocurrency ETF, US SEC rejects spot ETF application, Azuki criticized by community, and top 10 news (June 24-30)

Author | Wu's Top 100 Blockchain News This Week. US SEC Returns Spot ETF File According to WSJ, the US...


CZ Binance's Six-Year Anniversary Handwritten Letter Defending the Right Thing, Even if It Means Going to Court

Author | CZ in accordance with the Notice on Further Preventing and Dealing with the Risks of Virtual Currency Tradin...


Wu's Weekly Selection Tornado Cash Co-founder Arrested, HashKey to Open Retail Investors Next Week, and Top 10 News (0819-0825)

Author | Wu Shuo Blockchain Weekly News Top 101. The US government arrests the co-founder of Tornado Cash and include...


Bybit Compensation Manager's Self-Embezzlement Analysis Vulnerabilities and Improvements in Blockchain Enterprise Financial Management

Author | TaxDAO Wu said that on July 28th, Blockchain reported the full text of a mysterious case Bybit's payroll man...


Gary Gensler's Crypto Game: Stealing the Spotlight from Congress to Illuminate the SEC's Path

Fortune today released an article about the SEC Chairman's manipulation of the media in an attempt to cover up Congre...