Bitcoin (BTC) Trading Volume is Dropping as Crypto Market Volatility Subsides for Now
Bitcoin Volume Drops and Market Operates Stable; What’s Ahead?
The cryptocurrency market is currently operating stable. However, in the last hours, the total market cap has decreased around $3 billion dollars to $202.7 billion. Bitcoin has been traded under $6,500 but now is operating stable around this value since September 13.
However, virtual currencies such as Ethereum (ETH) have shown a strong recovery after a hard drop the last weeks. Now, ETH is being traded close to $220 dollars where it seems that it has found a stable price.
Since the beginning of the year, the virtual currency market is in a bear trend. Several cryptocurrencies lost between 65% and 95% of their value and continue to fall. However, in the last weeks, the market remained somehow stable compared to the first months of this year.
Additionally, as seen in the Williams Percent Range and many other indicators, the cryptocurrency market is in a bottoming process. In the near future, we could see a change in the tendency.
Bitcoin trading volume has been decreasing in the last days, which is something that generates some concerns in the cryptocurrency community. Nonetheless, the trading volume in other virtual currencies remained stable.
Spikes in volume are related to strong movements in the price of Bitcoin, both in a negative and positive way.