Although we have been in a bear market during the whole year, the last three days seem to be very positive for the virtual currency space. During the last 72 hours, major virtual currencies improved their performance and started to be traded positively. This is quite bullish for the market because, during the last months, the price of the most valuable virtual currency, Bitcoin (BTC), remained very stable.
BTC has experienced a trading volume growth of over 30% during the past days, moving from $3.1 billion to $4.3 billion dollars. The overall trading volume of the cryptocurrency market increased from $10 billion to $13 billion.
Nevertheless, Bitcoin Cash (BCH) was one of the virtual currencies that grew the most in the last days. On November 15, Bitcoin Cash is going to experience a hard fork. Investors are placing their funds on it trying to benefit from the chain split that may happen that day. Users will receive the same amount of coins in the new chain as they have in BCH.
At the beginning of November, Bitcoin Cash was traded close to $420 dollars. Since that moment, the virtual currency grew up to $630 dollars, an increase of 50% in just a few days.
Other virtual currencies such as Stellar (XLM) or Cardano (ADA) are also growing. In the last 24 hours, XLM grew 1.67% and ADA 1.23%. During the last weeks, they have also experienced an important growth. The popular cryptocurrency platform Coinbase could soon add support for these two virtual currencies. Back in July, the company explained that it was exploring Cardano and Stellar Lumens among other cryptocurrencies such as ZCash (ZEC), Basic Attention Token (BAT) and 0x (ZRX). ZRX and BAT were already added to Coinbase’s platform.
According to DonAlt, a recognized virtual currency trader and analyst said that Bitcoin is bullish, since the volume increased in the last days, and the action helped the virtual currency move out from the $6,300-$6,400 zone. He explains that it is possible for BTC to test the $6,800 resistance level.
In a very clean trading range.
This is what I'm currently looking at & why I don't really see much reason to be bearish.
Red = Possible bearish scenario
Green = Current bullish scenario that is already in play.
I hope it makes sense, I'm hungover still. pic.twitter.com/rK0uj6KJKV
— DonAlt (@CryptoDonAlt) November 6, 2018
There were some cryptocurrency exchanges where Bitcoin could not break in so easy way the $6,400 barrier. This price increase and volume surge show that there are several investors ready to take high-risk decisions and wait for higher returns.
There are different reasons why the market can be expecting for higher prices in the future. One of them is the renewed optimism towards the new Bakkt cryptocurrency exchange. It has specifically been built for institutions and wealthy investors. It the Bakkt platform created by the Intercontinental Exchange is able to succeed, it would allow important investors to place their funds in virtual currencies in a very easy and compliant way.
Another important thing to mention is that the U.S. Securities and Exchange Commission could soon approve a new Bitcoin exchange-traded fund (ETF). If that happens new institutions would have access to Bitcoin and cryptocurrency market. When the first gold-ETF was approved 15 years ago, the price of the precious metal experienced an important increase.
At the time of writing, Bitcoin is being traded close to $6,520 dollars. It also has a market capitalization above $113 billion dollars. In the last 24 hours, it has registered a 1.53% increase.