Most of the top digital assets have seen gains over the last week. Global trade volume has increased considering it is the weekend before the holidays, $20 billion has so far been traded over the last 24 hrs.
Crypto Bulls Have the Reigns
On Dec. 23, the day before Christmas Eve has seen more digital asset swaps compared to holiday trading sessions in the past. The trade volume for many of the top cryptocurrencies has increased since the big drops in price 2 weeks ago.
Asset markets are also up in value, between 2 to 5 percent increasing the general market value of the entire crypto economy. The crypto BTC currently has $62 billion worth of the entire system’s $20 billion worth.
Bitcoin Cash has gained a total of 140 percent for the week making each coin trade for $197 it has become the 6th most traded crypto this weekend above litecoin and below ripple markets. BCH/USD 4-hour charts on bitstamp shows bulls have the reigns and are still going strong.
The two Simple Moving Averages (SMA) still have quite the gap between them. This is an indication that the path towards the least resistance would move to the upside, but it remains on the downside.
All Time Highs of 2017 Still Beyond Reach
Sentiment of crypto market this week is far better than previous few weeks of brutal price fake outs. There is still a solid amount of pessimistic traders who feel that the past few days may not be an indicator of a market bottom.
Also bitcoin and ethereum positions on Bitfinex have dropped significantly this week and traders may not be as confident. Crypto infrastructure continues to grow stronger. Well known financial institutions are making clear moves on the sidelines.
It will still take a large factor to drive cryptocurrencies higher in value so as to surpass the all-time highs of 2017.