While the bear market is far from over, crypto markets are on track for their best month since July. Coin valuations have risen by a combined $18 billion in February following multiple aggressive spikes to the north. The biggest occurred last weekend when the total market cap reached $144 billion. That rally pushed the majors into overbought territory, resulting in a sharp drop just hours later.
is also on track to that has shaved more than 60% off its market cap. At last check, the largest digital currency was tracking monthly gains of around 12%.
Although traders continue to discount market fundamentals, crypto within business and institutional circles is clearly on the rise. During the bull market of 2017, such would have sent prices rocketing higher. The disconnect between fundamentals and prices cannot go on indefinitely.
Unlike previous rally attempts, the latest uptrend in cryptos is being aided by a massive surge in trade volumes. At their highest point last weekend, virtual currency exchanges processed more than $40 billion worth of trades. That’s the highest in over a year.
Published at Thu, 28 Feb 2019 18:00:25 +0000