Market Recovers Over $5 Billion As Bitcoin (BTC) Gets Back Above $3,800 And Records Transaction High

Tom Lee Says Bitcoin is in a Bull Market After Massive Sell-off in 2018

The last several hours have seen the market make a significant return, seeing the total market cap climb back above $132 billion. The market is recording a couple of substantial moves from almost all top coins, with most climbing by around 1% to 5%.

For bitcoin, in particular, the coin has been able to rally and get above $3,800 in the last couple of hours. In fact, the rally has further seen the coin climb so up high that it is a little short of $3,900. In the next couple of hours, the coin could be staring at the $3,900 position.

The recent surge sees the market make a recovery following a price plunge at the start of the week. Powering the recent surge is Litecoin. The coin has in the last 24 hours soared by over 5% and is at the time of press trading above the $55 position. In the last 24 hours, Litecoin’s move has inspired the rest of the market and triggered the wider market recovery.

Crypto Volume On A High, Could This Signify Bullish Charge?

According to recent reports, the crypto volume is soaring, in fact, across all exchanges, there has been $34 billion in nominal values.

Etoro’s senior market analyst Matti Greenspan told Bloomberg that:


“What I’ve been watching lately are the number of transactions on the Bitcoin blockchain and the total volumes across crypto exchanges, both of which are holding at their highest levels in more than a year…Even though we’re still officially in a bear market there is plenty of cause for optimism.”

This goes to suggests that in the next couple of hours we could see a stronger and more persistent rally. The market will either retrace back and probably drop below $132 billion if the high volume is a sell-off. But, on the other hand, if the volume is being pushed by buyers, demand will go up and prices will soon turn ragingly bullish.

Mainstream Adoption Could Be Raising Transaction Volume

In the last couple of months, we have seen Bitcoin continue to grow as a mainstream option for payment. In fact, recently Grocery store Kroger has been reportedly been considering implementing crypto payments in its over 250 stores. This mainstream payments through cryptocurrencies could be the reason for the high volume and could well fuel the next rally.