In past 24 hours, the Bitcoin has rebounded from $7,000 to $7,100, the remaining is on top of a key resistance level which traders were concerned about.
Relatively Bitcoin has given strong performance yet, other tokens have not performed well against both Bitcoin and US dollar on 29 August, keep on track the massive gains of BTC.
On 29th August, EOS has been the third best-performing cryptocurrency, a rare sight for a major cryptocurrency, especially for a digital asset that is in the top five rankings alongside Bitcoin, Ethereum, Ripple, and Bitcoin Cash.
Apart from Dash, IOTA, and Golem, most tokens and small market cap cryptocurrencies have struggled against Bitcoin. The volume which was lost in these days from coinmarketcap is coming back again.
The daily trading volume of most major cryptocurrencies has been an issue, as the recovery of the market was initiated without a proper rebound in the volume of large market cap cryptocurrencies.
Throughout the past 24 hours, the volume of Bitcoin has remained above the $4.5 billion marks, as the daily volume of the crypto market surpassed $13 billion. However, the volume of Ether, the native cryptocurrency of Ethereum, has hovered at around $1.5 billion, which still remains relatively low in comparison to Bitcoin.
The high trading volume of Tether at $3 billion in a strong short-term recovery period suggests that traders are moving out their funds from the US dollar-backed stable coin to Bitcoin and other cryptocurrencies.
If the volume of the crypto market can be sustained at $13 billion and potentially increase to $15 billion throughout the week, it is highly likely that Bitcoin tests key resistance levels in mid-$7,000, eyeing a move towards the $8,000 mark.
Mainly the recovery is because of two cryptocurrency exchange of Japan and South Korea and their optimistic development in a crypto market as UPbit and Bithumb, South Korea’s two largest cryptocurrency exchanges, have resumed normal operations after being involved in a few scandals.
On the other hand, Bithumb has been able to regain its partnership with NH Bank, a major financial institution in South Korea, to support new traders and investors. Experts have stated that the resumption of new registrations on Bithumb will lead to an influx of capital in the cryptocurrency market of South Korea, which has stagnated since mid-2018 after the seizure and raid of Bithumb and the $40 million security breach endured by Bithumb.
By seeking this it can be assumed that the Bitcoin may reach up to $8,000 in some time and likely it may give its best performance.
The majority of traders in the cryptocurrency community have suggested that if Bitcoin breaks out of the $7,200 resistance level in the next 24 hours by recording three consecutive large buy candles on its 1-day chart, it will confirm a short-term bull rally and increase the probability of Bitcoin achieving $8,000 in the weeks to come.