Since yesterday, Bitcoin has been registering a surge in price as it jumps over 8 percent trading at $4,350. Meanwhile, the trading volume goes above $7 billion and interest among buyers also takes a spike.
Bitcoin in Action
Despite the red market and Bitcoin being just around $4k, the market finally saw some relief yesterday that has extended to today as well. From $3,720, Bitcoin went $4,350 with a surge of over 12 percent. In the past three months, this has been the best day for the Bitcoin in terms of price surge and traded volume.
At the time of writing, Bitcoin has been trading at $4,349 with 24-hours gains of 8.06 percent.
Bitcoin price chart, Source: Coinmarketcap
With a market cap of $73.4 billion, the leading cryptocurrency is managing the daily trading volume of approximately $7.3 billion.
Crypto enthusiast and client portfolio manager, Crypto Quantamental shared interesting data regarding Bitcoin trading volume in his Tweet:
We've just seen the biggest volume spike in the history of Bitcoin and #crypto. Capitulation (11/15-11/25) started the massive volume spike and now this recovery 11/26-11/28 is the highest EVER. Is this the capitulation and $btc volume breakout we've been looking for? (1/N) pic.twitter.com/dloWqaK87q
— Crypto Quantamental (@CryptoQF) November 28, 2018
This surge in Bitcoin prices came at the time the traditional stock market also registered gains as eToro senior analyst, Mati Greenspan tweets about the correlation between the two,
Markets that fall together rise together.
Dow Jones (purple) and Bitcoin (orange) moving in perfect unison over the last week and a half.
Don't tell me there's no connection. pic.twitter.com/6QQLQ4UIW2
— Mati Greenspan (@MatiGreenspan) November 28, 2018
Well, the interest among Bitcoin buyers is certainly spiking evident from the fact that there is a surge in Bitcoin searches as per google trend data,
Bitcoin interest in past 13 months, Source: Google Trends
Additionally, crypto trader, The Crypto Dog shared another interesting facet signalling buyers’ interest among institutions,
Talked to my #bitcoin OTC friend, right now he says "many buyers, but very difficult to find sellers."#Crypto's dark pools are darker than traditional markets, so I'm excited to see the recent crash's OTC action reflect on exchanges.
Just thought I'd pass on the hopium. 😉
— The Crypto Dog📈 (@TheCryptoDog) November 29, 2018
He further shared,
“Most people just want to know when it’s safe to buy #Bitcoin for the long run. The answer is now. We will likely cruise at low levels ($2-5k) for awhile. Don’t try to time it, “average in slowly during this time, throw a bit of your paycheck each month and hold.”
Another popular crypto investor and trader, Crypto Don Alt says, this is just a “bearish retest of previous consolidation,”
$BTC daily update:
Strong showing today.
That said, so far it's nothing more than a bearish retest of previous consolidation.
To truly turn bullish I want to see 4550+
Two days to go to turn the monthly decent (4723).
Can the bulls perform a miracle?
R: 4270 / 4360-4550 pic.twitter.com/AJLweG36pC
— DonAlt (@CryptoDonAlt) November 29, 2018
What are your views on Bitcoin’s positive price movement?
Disclaimer The views, opinions, positions or strategies expressed by the authors and those providing comments are theirs alone, and do not necessarily reflect the views, opinions, positions or strategies of CoinGape. Do your market research before investing in cryptocurrencies. The author or publication does not hold any responsibility for your personal financial loss.
Having a background in writing, I worked on a wide array of industry topics and have recently entered the world of Blockchain and Cryptocurrency.