After falling to $10,350 on February 18, the price of bitcoin has rebounded to $11,050, recording a 5 percent daily gain, positively affecting the entire market with its momentum.
Bitcoin Preparing Bull Run
The daily trading volume of bitcoin and the global cryptocurrency market has been relatively strong over the past 24 hours, as nearly $20 billion were traded since February 18. The daily trading volume of bitcoin across all major cryptocurrency exchanges including Binance, UpBit, Bithumb, and Bitfinex remain strong, demonstrating early signs of yet another rally towards $13,000, as many analysts have noted.
In South Korea, the daily trading volume of bitcoin hit a monthly high, as more than 80,000 bitcoins were traded in the past 24 hours. HanKyoReh, one of South Korea’s largest mainstream media outlets, reported that the demand for bitcoin and the cryptocurrency market is increasing, for the first time since mid-January.
Many investors have likely started to invest in the bitcoin market out of FOMO, or fear of missing out, given that it has sustained its upward momentum throughout the past few days. Markets like South Korea and Japan tend to move by word of mouth and as such, FOMO triggers stronger volumes in most Asian markets.
Chosun, another mainstream media outlet in South Korea, noted that bitcoin has built resilience over the past month, and the Kimchi Premium has started to appear again, as more investors have begun to enter the cryptocurrency market again.
“Resilient and strong bitcoin remains above $10,000 even through negative issues, criticisms, and large corrections. Kimchi premium is growing again, as demand rises,” said Chosun.
Currently, the market is seeing similar levels and prices as December 2017, merely two months back, prior to bitcoin’s massive bull run that allowed the cryptocurrency to establish its all-time high at $19,000.
Major cryptocurrency-focused venture capital firm Pantera Capital CEO Dan Morehead said last week that the price of bitcoin will likely surge by next week, after it rebounds from its bear market. Morehead noted that most bear markets tend to last 71 days and hence, bitcoin will be in an ideal position to surge in value in the upcoming week.
“So—the past doesn’t predict the future—but it seems like this is about the right [correction]. The other stat to note is that it typically has had on average a 71 day bear market and we’re 52 days into this. So it seems like another couple of weeks and everything will be kind of normal and it could start grinding backup,” said Morehead earlier this month.
Ethereum
Ethereum and other major cryptocurrencies along with ICO tokens have been following the trend of bitcoin over the past two weeks. Only a few cryptocurrencies have been able to surpass the gains of bitcoin, and most cryptocurrencies have recorded losses against bitcoin. Against bitcoin, Ethereum declined by 2 percent over the past 24 hours.
But, it is also important to note that Ethereum is only down less than 32 percent from its all-time high.
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