The daily volume of the cryptocurrency market has seen a huge increase in conjunction with the price of Bitcoin
The first positive week, after three consecutive drops, is behind us; To find similar intensity and movement for Bitcoin and the other cryptocurrencies, it would be necessary to go back in early 2018.
Friday saw the second day in a row fail with a double-digit increase: at night, Bitcoin prices fell below $ 6,000 after uploading to about $ 7,000 during the day.
Volumes in Bitcoin remain strong and accompany up and down movements on a daily basis.
Total volumes remain above average, more than $ 120 billion daily. It is a comforting fact and a reaction test that is affecting not only BTC but also the entire sector.
The last week of March sees a prevalence of positive signs, after being shaken in the second half of the day by announcedcios of the Federal Reserve of a new intervention to support the economy and finances of the United States.
This, in addition to having immediate repercussions on the stock markets, was also reflected in cryptocurrencies, particularly in Bitcoin, which in some places increased even more than 5% when touching the $ 6,600, the maximums recorded during the rebound last week.
It is necessary to understand if the $ 6,000 will be maintained in the next few hours or if, as happened last week, it is a impulsive movement due to the euphoric repercussions of a movement of the central bank of the United States that is unprecedented in history.
The day sees a prevalence of green signs with more than 70% above parity, with no particular double-digit increases. Among the greats are Monero (XMR), Litecoin (LTC) and Bitcoin (BTC), which recorded increases of more than 2%.
Monero is in contrast to the other privacy coin, Dash (DASH), which lost 1.5%. Monero, with the movements of the last days, surpasses Dash and goes to position 17 in the ranking of the main capitalized companies, while Dash falls to position 19.
On the opposite side of the falls, not far below, as none of the top 100 sinks with double-digit movements, it is worth noting the decline in Hedera Hashgraph (HBAR), -9%, the worst decrease in El día.
After the strong upward movement that characterized it in the first fortnight of February with a 350% rebound in the emotional wave of Google that formalized the entry in the executive direction of the blockchain Hedera, with the decreases of the last days, also in progress today, HBAR marks a 80% loss of all the movement built in mid-February. Prices are returning about 3 cents on the dollar.
Among the best known, Enjin Coin (ENJ) also loses 4%, while Zilliqa (ZIL) falls 2.5%. Among the top 20, the steepest drop is that of Tezos (XTZ), which lost a little more than 1%, but this does not disqualify Tezos, who, on the contrary, maintains the tenth position in the ranking of the most capitalized.
Market capitalization is just over $ 170 billion. Bitcoin's dominance is confirmed above 65%. Ethereum recovers some ground at 8.3%, while XRP remains stable just above the 4% threshold that was breached last week, taking XRP to 2020 lows, seen as early as February and mid-March. , levels that had not been registered since December 2017.
Despite the difficulties, Bitcoin tries reverse the downtrend that has characterized it for a month since mid-February. The minimum recorded during yesterday a little more than $ 5,850 becomes short-term support that, if maintained, it will have to give the momentum driven by purchases above its own highs for the day, more than $ 6,700.
A rise above this level and then more than 6,900 would give a first sign of a possible bullish reversal on a monthly outlook.
Cyclically, Bitcoin appears to be between the close and the start of a new monthly cycle that will be important to identify and then continue to understand developments in the coming weeks.
Ethereum is trying to provide bullish turning points weekly and then monthly. ETH seems to experience a bit more weakness compared to Bitcoin's move. Yesterday, the price of Ether retested the threshold of $ 120, a threshold that in the next hours and days will be monitored as a level of short term support. Ethereum would leave behind the first fears of a possible return of the Bears with prices that will rise above $ 150 in the coming days.
Conversely, a return to $ 115 would increase the probability of seeing prices below $ 100 again. Below this level, there would be further confirmations that there is still a downtrend that started from the highs recorded on February 19, more than a month ago.