The once dull market is seeing more actions this week. As the crypto market closed a week filled with slurpy price movement, it started another on a high note and has sustained the vibe up to the time of writing.
The crypto industry gained more than 10% in the last five days. The major contribution to the growth we are seeing these days is as a result of the prices of various cryptocurrency.
From all indications, it is an undeniable fact that there is increased trading in the industry compared to the preceding week. In a recent analysis, Coinfomania pointed to the importance and increase in trading volume will do for the crypto market. The analysis stated that the increase in the amount of crypto traded will boost the market.
The King coin is one of the many coins that saw an increase in the volume of trade as the trade flow increased by more than 10% with coins like Ethereum, the Binance coin, Cardano and other coins in the top 100 following the same course.
More important, there is a clear increase in the prices of various cryptocurrency. For example, BTC ended the past week trading below $35,000 but gained almost 10% as it is trading at $38k as of the time of writing.
Recent price movement suggests a retest of the $40k resistance before the week’s close. The $38k is a critical support to the effort above resistance under consideration and has held out for more than 24 hours.
So much happened over the last 24 hours. One such is BTC crossing $39k as it submits to pressure from the bulls. If the crypto’s largest coin can flip $39,000, we may see BTC flip $40,000 before the end of the next 24 hours.
Other coins will also follow suit with cryptos like ether aiming for $2,900 and BNB looking to rise past $450 over the next 24 hours.
Affiliate: Get a Ledger Nano X for $119 So That Hackers Won't Steal Your Crypto!