A common topic of discussion over the past few months has been over the stable course of Bitcoin. After experiencing a halfback in May, the main asset repeatedly failed to secure closure on $10,000 psychological resistance, and apart from short-term consolidation above resistance, BTC could not remain in a higher position.
A decline in Bitcoin trading volumes
June May June 2020 analysis reports, CryptoCompare, the London-based data service, revealed that Bitcoin trading volume fell 36 percent in June compared with May.
Immediately after supply increased, BTC spot volumes began to enter mid-May and much of June, and the report showed BTC volumes fell 50 percent compared to the previous month.
Now many expected the low trading volume to continue into July, with the ”crypto winter of 2018” parables reminiscent of the abrupt decline.
But those concerns may begin to subside as Coin metrics ‘ report suggests that last week’s events have changed in a positive direction. The state of the network’s report suggested a 38 percent increase in spot volumes last week despite the cryptocurrency and historically low BTC and ETH fluctuation range.
Other altcoins had begun to take control of the markets as several key altcoins, such as Dogecoin, Cardano, and Chainlink accumulated 20 percent of last week’s trading volume.
In terms of a Bitcoin trade, it may not yet directly reflect a profitable scenario for Bitcoin, but it is a positive sign for any asset that is going through a period of correction, given that investors are still active in the digital asset space.
Bitcoin and Ethereum together account for more than 75 percent of their market value, so the bullish momentum coins for them are only a matter of time, and the active trading volume for other altcoins is also hugely beneficial for these two largest assets.
Investors and potential investors are unlikely to look past BTC and ETH in the near future and are active while the sector is at the top. catching coins can be a healthy scenario.
While bitcoin’s key features are still accumulating positive impact and movement, another’s a concern is that “crypto winter ”is getting a bit tricky at the moment.
