The Cryptocurrency markets are facing a huge amount of attention currently as analysts are vying to be the ones to accurately predict the exact date of the resurgence of Bitcoin to its former glory. Who knows which analyst will be the one to receive that ovation, in the meantime though, Bitcoin or BTC continues to strive forward making gains in a bull market. Let’s see how the markets performed over the weekend and what is most likely in store for the famed Cryptocurrency over the coming week.
Successes In Crypto Markets
The past six days have been a roaring success within the world of the Crypto trading, as online assets have soared by $15 billion in net value and are now worth a total of $268 billion as of earlier this morning. Many analysts are optimistic about the rest of 2018 and believe that the bears have exited the markets for the most part and that we will be celebrating a bull run for the rest of the year. The hopeful euphoria is especially high due to the prospect of the upcoming Cboe ETF conference.
Unfortunately, the previous weekends Crypto markets suffered an unexpected setback where the Cryptocurrencies took a knock losing anywhere between 5 and 20% of their total value. However, over this past week, they have begun to recuperate and most have managed to gain approximately two-thirds of what was initially lost. At present the statistics are showing that the trade volume within the whole market is sitting on $12.8 billion, this figure may have been low for the earlier months of 2018, but as of this morning has begun to look up.
The Bitcoin Markets
The Bitcoin trading price was measured at $6 687 for one BTC as of earlier today; the total market value that BTC has managed to accumulate $4.4 billion more in the past 24 hours. In addition, the total market worth of BTC has been valued at $114.5 billion, with the main Bitcoin exchanges being Bitflyer, Fcoin, Binance and Bigone in order of trading volume. Interestingly, the Japanese Yen took the lion’s share of all BTC trading, clocking in at 49% of the portion of all BTC that was transferred today.
However, you might be wondering what the market mechanisms look like, after hearing about all of the financial statistics. Upon studying the 4-hour BTC to USD graphs produced by companies such as Coinbase, there appears to be a clear likelihood that a bull run is attempting to push BTC over the $7 000 USD barrier line. At present, the indicators are favorable, as the road of minimal opposition seems to be favored, and there are signs that should BTC make it over $7 000 the path to $7 200 is relatively easy.
A Look Into Bitcoin Cash
The cash trades for Bitcoin or BCH has been pulling itself up to $800 in trading value as of recently, the popularity of this offering is continuing to rise as the number of BCH being traded has risen to $494 million. BCH was number five on the list of most bought Cryptocurrencies for today, and it had the fourth largest valuation out of all of the Cryptocurrencies.
One thing is for sure, regardless of which analyst is right about what date Bitcoin will be picking up, it is clear that everyone is still very eager to trade in it.