Great spikes in the cryptocurrency market where an explosion of growth occurs in a 30 minute time-frame, where Bitcoin jumps more than $1000 to break the $8000 levels.
This is the first positive momentum for cryptocurrencies where most of the coins are witnessing positive gains.
Bulls going for a ride?
If Bitcoin brakes the resistance zone and keeps it above the $8000 levels, the uptrend may take the lead and turn it into a bull market.
Even though this huge spike in price has a good feeling, it’s not healthy for the market because it will effectively result in a correction as well.
Bitcoin’s volume has nearly doubled after a few days of being stuck around $4bln, now being at $7 bln, showing that the demand for bitcoin hasn’t slowed.
No specific news or event have been confirmed as the reason for this bounce.
The total cryptocurrency market cap is currently at $300 bln dollars with increased trading volumes from all of the top 5 exchanges.