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Home / Business / Crypto Market raises $ 7 billion as Bitcoin and Ethereum rebound up 5%

Crypto Market raises $ 7 billion as Bitcoin and Ethereum rebound up 5%




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Over the past 24 hours, the crypto-currency market has increased its valuation by $ 7 billion, as Bitcoin and Ethereum grew by around five percent.

Bitcoin (BTC) successfully defended a relatively weak support level of $ 4,000 with strength and Ethereum (ETH) prevented another decline below the $ 1

10 value.

However, based on the level of impulse of the most important cryptocurrencies of the last few days, when the prevailing cryptocurrency does so. If the range between $ 4,000 and $ 4,200 does not break cleanly, a short-term decline remains Middle of the $ 3,000 region still a possibility.

Where Bitcoin and Ethereum continue?

Bitcoin and Ethereum remain the strongest daily trading volume as the only two crypturias. As of December 1, BTC's daily volume is around $ 5.5 billion, while that of the ETH is $ 2 billion.

The daily trading volume of the ETH is greater than the daily volume of Ripple (XRP), Bitcoin Cash (BCH)) and Stellar (XLM) combined.

Several reports released in the past month have shown that the recent sale of ETH by the liquidation of ETH by Initial Coin Offer (ICO) projects was not significantly affected.

Chris Burniske, a partner of Placeholder VC, said

"In reality, the ICO treasuries of ICO treasuries worth only $ 8 million have gone public during the 14th. Till November 30, 2018 We are confident that ICO projects respond to market conditions rather than dictate them. "

The high daily volumes of ETH and BTC suggest that the two crypto currencies, unlike the majority, do not fall with low selling pressure on the main cryptocurrencies and low market cap cryptocurrencies on the market. [19659003] The risk and risk of trading low-volume crypto-currencies in a very volatile period is that low-volume digital assets when sell orders reach the market will be the first to come down with a significant margin.

High Daily Volume In addition, BTC and ETH have recovered more than five percent in the last 24 hours, while XRP and BCH have seen a daily price increase in the range of 1.5 to 3 percent.

If BTC and ETH cleanly break above the average resistance levels estimated at $ 4,300 for BTC and $ 120 for ETH, the two crypto currencies could lead the market through a strong short-term rally.

However, if the two assets continue to break their resistance At this level, it will be difficult for the market to break the price up.

Fundamentals Show Ethereum in a good position

Joseph Todaro, a managing partner of Blocktown Cap, reported that the Ethereum Block Chain network is paying $ 500 million daily transaction volume from daily 600,000 transactions, and virtually every emerging one decentralized application (dApp) or every project is built on Ethereum.

"Transaction volume of $ 500 million, daily 600,000 transactions, 1/3 reduction in issue volume First growth in the ETH (ie Dai), down 92%, absolutely terrible press, anything of interest is building ETH Zurich, "said Todaro .

The latest Bitcoin award can be found here and the Ethereum here.

Selected image from Shutterstock.

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