Monday Bounce For the Crypto Markets, Trading Volume Surges, BTC Reaches 7k

CoinDNA MArket Recap

The crypto world is alright again. That, or were in the middle of Bitcoin and Stablecoin wars with whales in between. But whatever theories are in on the ground, the board is back on an uptrend and we have reached back the level of the first week of September.

The market capitalization jumped from $202 Billion yesterday to $213 Billion, garnering more than $10 Billion in a couple of hours. The trading volume soared to $19 Billion after dipping to as low as $9 Billion yesterday. And, Bitcoin hodlers are rejoicing as the BTC dominance is also up at 54.2%.

Bitcoin literally exploded to $7k in a couple of hours which sent the pundits reeling in social media. Everywhere, there are theories on what sent the grandfather dominant coin on a roll. Some say that it was the fake news that Binance is delisting USDT that reverted BTCs position. Others say that it was simply a whale buying up BTCs which sponsored the hike. But the most shocking of all is that analysts are saying that it has  (BTC) finally bottomed out -again and that this might be the last dip.

Spencer Bogart, a usual (suspect) resource on the crypto price action, being a financial analyst, and partner at Blockchain Capital, doesn’t agree though that fundamental factors’ role was a major input in the BTC price action. Still, he predicted a bottom for the digital currency, saying:

“We are down 70% from our highs, so I think that Bitcoin is close to a bottom, and [is] so the rest of the crypto market. But I do think that it may take a little bit of time.”

And of course, we have already heard of Mike Novogratz, a former hedge fund manager, and an active crypto investor, also called a bottom in digital currencies. 

Currently, Bitcoin is at $6972 at the time of this writing and has moved 6.08% since our last market recap. We have a huge trading volume for the first time since the September dip at $6 Billion.  Earlier, Bitcoin broke the $6700 resistance, touching as high as $7600 on Binance. It is still on a very bullish move on the current 4-hour chart. On the upside, it could test the $7390 resistance. On the downside, we have a new support at $6700 which is strong right now.  

The Ethereum price has increased by 6.61% over the past 24 hours and is currently at $221. This is a long way away from $202 where it has been stuck for the past 3 days since last midweek dump. Current support is at $202 and the new resistance is at $231.

The top ten is basking in the glory as most are positively green today. Except for Tether (USDT) which was the subject of speculation earlier that it will be removed from Binance. This news caused panic among traders and most have attempted to dump their USDT in favor of Bitcoin. The top gainer is Ripple’s XRP at $0.453 and gaining 8.15% on the day. It’s a long way away from its price a month ago at $0.63 but this might be the beginning of a more robust recovery. EOS follows with a 5.39% on the day. Stellar and Bitcoin Cash are both 4 percenters and the rest are at a relatively good place above 3%.

We have a similar story on the Top 25. Most are green at 2-4% gain on the day. Bitcoin Gold is back to $26.42 with 7.43% gain on the day. TRON, with the fomo alerts of Justin Sun is continuing on with its current uptrend. Finally, Binance Coin is also having a good day at 5.03% and back to $10.04. 0x is the only one on the reds today as it failed to latch on to the BTCs surge. It’s been having a case of volatility in the recent week.

The rest of the pack at the Top 100 are having the usual pumps and dumps as a result of an exuberant market. Aurora is on a roll at 30.31% and trading at $0.027. Kyber Network is surging at 21.62%. Komodo is at 17.28%. Bytecoin seems to be biting back after a huge dump due to its delisting at Binance. It has surged 12.26% on the day and currently trading at $0.0014. Holo completes our double-digit gainers for the day. On the other end, of course, are our dumpers. Digitex Futures is correcting after a huge pump for 3 days and have lost -8.32% on the day. Eternal Token is also having a bad day with a dump at -8.30%.

Overall, there’s a certain guarded excitement in the air. But we’ve been having these on again, off again moments for the past couple of months that it’s hard to get uber excited. Anyhow, have a great day, trade safe, and top gains for all!

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