[ad_1]
Cardano (ADA) and Ripple (XRP) have increased by more than 10% in the last 24 hours while Bitcoin has maintained stability, leading to the recovery of the cryptographic market.
At the start of this week, the valuation of the crypto market dropped to $ 190 billion, which led investors to worry about a potential decline in the market's annual minimum to $ 185 billion.
Bitcoin remained relatively stable in the $ 6,300 region as it has been in the past few weeks.
Gradual recovery
On September 16, when the price of Bitcoin was around $ 6,500, CCN reported that the low volume of the dominant cryptocurrency may be considered a short-term weakness in the market that could leave major cryptocurrencies vulnerable to a decline in the price.
"Typically, after a slight drop in price, a slight corrective rally occurs and the major cryptocurrencies increase by small margins.But the low volume of Bitcoin, which is currently $ 3.3 billion, can be considered a concern for traders, "reads the report
On September 17, the price of Bitcoin fell below $ 6,300 as ETH, Ethereum's native cryptocurrency, fell into the region $ 190.
After recording a small corrective rally on September 18, the cryptography market has shown decent earnings over the past 48 hours. Basically, the volume of Bitcoin, which has remained below $ 3.4 billion in recent days, has returned to $ 4 billion.
Over a period of three days, Bitcoin recorded a volume increase of over 26%, from $ 3.4 billion to $ 4.3 billion.
A rapid increase in the volume of Bitcoin supported by a strong performance of major cryptocurrencies like Cardano and Ripple should fuel a short-term rally, which could see Bitcoin testing resistance levels at $ 6,500, $ 6,600 and $ 6,800.
For almost two months, from the beginning of August, Bitcoin has struggled to properly overcome the $ 6,000 region. BTC remained volatile between $ 6,300 and $ 6,600, failing to find momentum in the region of $ 6,000.
If the volume of BTC at around $ 4 billion can be maintained in the coming weeks, a potential rally to $ 7,000 is a possibility, given that the market has shown weakness despite oversold conditions.
Analysts say that the continued decline in prices of major cryptocurrencies will likely lead to a strong corrective rally, especially if investors in the global cryptographic market recognize the oversold conditions and refusal to sell in the low price range
Optimistic developments
This week, UPbit and Binance, two of the largest cryptocurrent exchanges in the global market, have expanded to Singapore, a region that has been known for its friendly crypto-blockchain rules, but has struggled to see prosper large-scale exchanges.
Government officials in the UK have emphasized the need to grow local cryptocurrencies into the cyc and blockchain sector to ensure that it remains competitive with other major regions.
In terms of regulation and institutionalization of cryptocurrencies, the market seems to have witnessed more developments in the last month than it has seen in the last eight years. [19659003] Close-up image of Shutterstock. TradingView Charts.
Follow us on Telegram or subscribe to our newsletter here.
• Join the CCN crypto community for $ 9.99 a month, click here
• Do you want exclusive analysis and in-depth analysis encrypted by Hacked.com? Click here.
• Open positions on CCN: sought-after full-time and part-time journalists.
