The cryptocurrency market has been highly volatile throughout this week, as major cryptocurrencies including bitcoin, Ethereum, Ripple, and Bitcoin Cash have continued to move in between $340 billion and $380 billion.@coininstant sir...
Is Bitcoin Ready to Move?
Today, on March 11, the cryptocurrency market recorded a minor recovery after dipping below the $350 billion mark. Briefly, bitcoin fall to $8,320, and the price of Ethereum also fell to $637, significantly below its all-time high established at $1,400.
The daily trading volume of bitcoin has remained relatively low for several days in a row, in the $5 billion region. The high volume of Tether, a cryptocurrency that is backed to the US dollar at a 1:1 ratio, can be considered as a representation of the market’s volatility, given that many traders on the world’s largest cryptocurrency trading platforms utilize Tether to hedge the value of cryptocurrencies to the US dollar.
At the time of reporting, the daily trading volume of Tether remains at $2.3 billion, which is nearly four times higher than that of Litecoin and over $800 million higher than that of Ethereum.
Crypto Rand, a respected cryptocurrency investor and analyst, stated that the “Misery Index” of bitcoin is signaling a buy opportunity for bitcoin investors. Throughout the past six years, upon a dramatic surge in sell volumes, bitcoin has continued to recover from major corrections.
For instance, in December 2016, the price of bitcoin dipped below the $800 mark as sell volumes intensified. But, throughout early 2017, the price of bitcoin rallied to $4,000, eventually achieving $19,000 within the same year.
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