Many small, little-known exchanges often inflate daily volumes to draw attention. In contrast, analyzing the trading volumes of the major exchanges, it is possible to see that in the last 10 days the real daily volumes of Bitcoin exceed one billion dollars.
Such important movements over a period of time of several consecutive days were not recorded since last April when the bullish trend was already developed and, curiously enough, Bitcoin and Ethereum prices were at today’s levels.
However, this is happening in a less intense way for Ethereum, which reached trading volumes above one billion dollars for only two days (February 15th and 16th), these are volumes that Ethereum did not record for two consecutive days since May and June 2019.
These are very important indications that must be observed in the coming days and weeks.
The market remains strong: today with more than 80% of cryptocurrencies showing positive signs. Among the top 20, Bitcoin and Ethereum are driving the climb even if they are not among the best.
The strong rise of Tezos (XTZ) continues to emerge: today it gains 7% and is the best of the top 20. Bitcoin and Ethereum both gain 4%, same intensity for Litecoin (LTC) and Chainlink (LINK).
With the strong bullish movement of the last few days, Chainlink conquers the 11th position in the ranking of the most capitalized, almost reaching the tenth position of Tezos. However, with the bullish movement that has been going on for several weeks now, Tezos is not afraid of setbacks and attacks on the tenth position, which it consolidates with 2 and a half-billion dollars of capitalization. It is worth noting that Tezos has broken the $3.75 by updating the absolute price record since it was listed on the major exchanges.
The day’s rises see Enjin Coin (ENJ) continue with a double-digit increase of 10%. Icon (ICX) also climbs to 39th position with a +14% in the last 24 hours.
Since yesterday, Bitcoin’s Golden Cross is attracting attention with the cutting of the 50-period moving average on the 200. It is an event that has not occurred since April 2019. It should be noted that the Golden Cross on Ethereum has already developed exactly 4 days ago, on February 15th, anticipating what happened yesterday with Bitcoin.
The Golden Cross took place in the same time period for Ethereum and Bitcoin, April 2019 and the one before 2015. For Ethereum, however, the event related to the Golden Cross, which took place during the last weekend, as in 2019, usually brings a slight retracement in the following days.
This means that, when this event takes place, technically speaking, there are more profit-taking than purchases in support of a bullish trend, with purchases that come back in the following weeks. It will, therefore, be necessary to wait for developments in the coming days and weeks.
Total volumes, however, as far as the entire sector in the last 24 hours is concerned, are decreasing but still strong. The exception is Bitcoin, which maintains high daily volumes.
The market cap remains above 290 billion dollars, levels close to the top reached in the last week.
The dominance of Bitcoin remains unchanged at the lowest levels in recent months: 62.5%. Ethereum is consolidating its 10% market share, the highest level since July 2019. XRP gains a few decimal fractions, reaching 4.5% of dominance.
After the weekend’s setback, Bitcoin tried to win back the $10,000, something that took place yesterday. And so, today, BTC is trying to consolidate this psychological level.
The trend remains bullish with no warning signs of possible declines. It is necessary for Bitcoin to hold the $9,600 threshold.
Ethereum cancelled the weekend’s setback by recovering the $285 in the last few hours, a very important level of resistance, crucial for the bullish continuation in the coming weeks.
A break of this level accompanied by volumes would project Ethereum prices towards $300-315, a vital level for the long-term trend to confirm a reversal of the trend on an annual basis.
Ethereum has ample room for downward movement. Alert levels are set at $235 and $225. No warning signs emerge above these levels.