Cryptocurrency Market Recovers To $500 Billion
The daily trading volume of bitcoin and the worldwide digital currency market has been generally strong in the course of recent hours, as about $20 billion were traded since February 18. The daily trading volume of bitcoin over all significant digital currency exchanges including Binance, UpBit, Bithumb, and Bitfinex remain strong, exhibiting early indications of yet another rally towards $13,000, as a great number of analysts have noted.
In South Korea, the daily trading volume of bitcoin hit a month to month high, as more than 80,000 bitcoins were exchanged the previous 24 hours. HanKyoReh, one of South Korea’s biggest predominant media outlets, detailed that the demand for bitcoin and the digital currency market is expanding, for the first time since mid-January.
Numerous investors have likely begun to invest into the bitcoin market out of FOMO, or dread of passing up a great opportunity, given that it has sustained its upward momentum all through the previous couple of days. Markets like South Korea and Japan tend to move by word of mouth and in that capacity, FOMO triggers stronger volumes in most Asian markets.
Chosun, another mainstream media outlet in South Korea, noticed that bitcoin has assembled resilience over the previous month, and the Kimchi Premium has begun to show up once more, as more investors have started to enter the digital currency market once more.
“Resilient and strong bitcoin remains above $10,000 even through negative issues, criticisms, and large corrections. Kimchi premium is growing again, as demand rises,” said Chosun.
Right now, the market is seeing comparative levels and prices as December 2017, just two months back, before bitcoin’s gigantic bull run that enabled the digital currency to build up its record-breaking high at $19,000.
Major digital currency focused venture capital firm Pantera Capital CEO Dan Morehead said a week ago that the cost of bitcoin will probably surge by one week from now, after it bounce back from its bear market. Morehead noted that most bear markets tend to last 71 days and consequently, bitcoin will be in a perfect position to surge in value in the up and coming 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 couple of weeks and everything will be kind of normal and it could start grinding backup,” said Morehead earlier this month.
