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In the last 24 hours, the cryptocurrency market has added 7 billion dollars to its valuation, given that Bitcoin and Ethereum have rebounded by about 5%.
Bitcoin (BTC) successfully defended a relatively weak support level of $ 4,000 with strength and Ethereum (ETH) prevented a further fall below the $ 110 level.
However, based on the impulse level of the major cryptocurrencies in the last few days, if the dominant cryptocurrency does not netly exceed the range of $ 4,000 to $ 4,200, a short-term reduction in the $ 3,000 region is still possible.
Where do Bitcoin and Ethereum go?
Bitcoin and Ethereum remain the only two cryptocurrencies to contain a large volume of daily trade. As of December 1, the daily volume of BTCs is around $ 5.5 billion, while that of ETH is stable at $ 2 billion.
The daily volume of ETH is greater than the daily volume of Ripple (XRP), Bitcoin Cash (BCH) and Stellar (XLM) combined.
Several reports published last month showed that the recent sale of ETH was not strongly influenced by the liquidation of ETH by initial coin offerings (ICO) projects.
Chris Burniske, a partner of Placeholder VC, He said:
"So, in reality, only 8 million dollars of ETH of the ICO Treasuries hit directly the exchanges between 14 and 30 November 2018. Given the data we have, we are confident to say that the ICO projects have reacted to the conditions of the market rather than dictated. "
The high daily volume of ETH and BTC suggests that the two cryptocurrencies are not in free fall with low sales pressure, unlike most of the major cryptocurrencies and small cryptocurrencies on the market.
The risk and risk of exchanging low-volume cryptocurrencies in a highly volatile period is that if sales orders reach the market, low-volume digital assets will be the first to fall by a significant margin.
High daily volume also allowed BTC and ETH to recover more than five percent in the last 24 hours while XRP and BCH demonstrated a daily price increase of 1.5% to 3%.
If BTC and ETH can cleanly exceed the main resistance levels, which are estimated at $ 4,300 for BTC and $ 120 for ETH, then the two cryptocurrencies could bring the market through a strong short-term rally.
But if the two assets continue to fail to overcome their resistance levels, it will be difficult for the market to see a sharp price cut.
Basic exhibition Ethereum is in a good position
Joseph Todaro, a managing partner Blocktown Cap, reported that Ethereum's blockchain network is depositing $ 500 million in volume of daily transactions from 600,000 transactions per day and virtually every emerging decentralized application (dApp) or project on Ethereum.
"Daily transaction volume of $ 500 million, 600,000 transactions per day, 1/3 reduction of Q1 emission, ever-increasing ETH block (eg Dai), down 92%, absolutely terrible press, virtually all of this which interests is built on ETH, "Todaro He said.
Bull for $ ETH starting to look good
– $ 500 mil per day tx vol
– 600k tx daily
– 1/3 reduction of the Q1 emission
– The ETH block continues to grow (eg Dai)
– down 92%
– absolutely terrible print
– basically all that matters is built on ETH– Joseph Todaro (@ j3todaro) November 30, 2018
View the latest Bitcoin price here and Ethereum here.
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