Over the past day, the crypto market has added $8 billion to its valuation, as Ether and Bitcoin Cash price also increased to over 3 percent.
The bitcoin price was almost able to hit the $6,400 level.
Bitcoin Cash and ether, the native cryptocurrency of the Ethereum blockchain network, increased by 3.5 percent, driven by a rise in volume. 0x (ZRX) and Tezos (XTZ) recorded daily gains of 17 percent and 12 percent, becoming the best performers of July 15.
The Relative Strength Index (RSI), momentum average convergence divergence (MACD), and moving averages indicate that bitcoin and the crypto market are expected to continue their increase in the short-term.
On major crypto exchanges, bitcoin witnessed many multi-million dollar purchase orders, which eventually drove the price of bitcoin up from $6,300 to $6,390. A substantial purchase order estimated at about $1.06 million on Bitfinex played a vital part in resulting to a speedy recovery and corrective rally for bitcoin in the past day.
However, the volume of the crypto market has been a problem for more than a week and it continues as a leading challenge that might stop the crypto market from recovering to previous support levels including the $270 billion and $300 billion level.
Different technical pointers remain to show string purchase signals and signify a positive short-term movement, yet id the volume of the market cannot be sustained, it will be hard for leading cryptocurrencies to maintain their levels.
Therefore, regardless of the strong 3.5 percent increase in the value of ether and Bitcoin Cash, and the considerably solid performance of bitcoin, Ripple, and EOS, a decline is possible in the coming days instead of a corrective rally to the $6,500 level for bitcoin and $270 billion for the crypto market.