bitcoin Volume Booms
Over the past 48 hours, crypto assets across the board have embarked on a jaw-dropping rally. For the first time in weeks, , as , namely and (ETH), rallied by double-digits in terms of percentage. While this sudden run looked structurally similar to prior bear market rallies, it quickly became that something was different, as crypto analytics resources began to post staggering volumes.
According to Skew Markets, analytics & investment service provider, Monday saw crypto’s biggest (highest volume) day in 2019. Skew, citing data it compiled, depicted perpetual futures volumes spiking through the roof on a majority of notable exchanges, including BitMEX, , BitFlyer, Deribit, and OKeX.
Mati Greenspan, eToro’s in-house crypto trader, also touched on the sudden influx of buy-side pressure. Greenspan noted that global crypto volume read $35 billion, a “level not seen since last April.” While he didn’t explain the importance of this statistic in this tweet, he mentioned it the day prior. The respected industry commentator told his followers that “more meaningful moves” often go hand-in-hand with higher volumes, hinting that he believes this was decidedly a bullish breakout.
Kevin Rooke, a Canadian crypto researcher, echoed this thought process. Rooke took to Twitter to explain that saw $9.9 billion in exchange volume on Monday, the highest reading of this measure since May 3rd, 2018.
These monumental volumes, which have made many analysts reminisce to 2017’s bull market, have led some analysts to claim that a further breakout could be in order. Leading analyst Galaxy, who recently called for a so-called “altseason,” whereas at large would dramatically outperform , recently noted that the volume statistics could confirm his prediction.
Breakout ✅
Increasing volume ✅
Its on— Galaxy (@galaxybtc)
Per from World News, while Galaxy is under the impression that while will run, he expects for to snag 70%+ of crypto’s market share in the coming year.
This Rally Might Have Legs
Although some pundits have argued that a short-term pullback could be in order, a number of analysts have been calling for to reach $4,000. The team at Bravado, a leading crypto-centric technical analysis outfit, divulged that due to the influx of volume seen Sunday and Monday, along with the fact surpassed its 50-day EMA, this move could see further upside.
Trader Mayne, a long-time trader, even noted that as there have been notable bullish moves over recent weeks, it wouldn’t be nonsensical to claim that the ongoing bear market could be breathing its last breaths. Mayne added that those stuck with bearish lenses, like Murad Mahmudov, Tone Vays, along with other short-term skeptics, could miss out on the eventual rally.
Title Image Courtesy of Andre Francois Mckenzie Via Unsplash
Published at Wed, 20 Feb 2019 02:08:28 +0000
