The cryptocurrency market has momentarily halted its recent losses and gained roughly US$4 billion over the past 24 hours.
Yesterday, the total cryptocurrency market cap was about US$223 billion but has surged a bit to its current level of US$227 billion.
However, the 24-hour trading volume continued to decline. It stands at US$12 billion, which is low compared to the US$14 billion recorded yesterday.
There has been no significant news that would lead to the market recording gains, thus the rise in market cap could be crypto bulls trying to establish strong support.
Bitcoin’s (BTC) price has been trading sideways over the past day. At press time, BTC was trading just above the US$6,300 region.
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After dropping below US$6,000 earlier this year, Bitcoin skyrocketed close to the US$8,400 level just about a week ago. In the meantime, the US Securities and Exchange Commission decided to
reject the Winklevoss twins’ proposal for a Bitcoin Exchange-Traded Fund (ETF) and to postpone the verdict on another one, more recently. All that mirrored in the Bitcoin market which started to drop considerably.
Fundstrat CEO and crypto bull
Tom Lee says he believes all these uptrends and downtrends BTC have recently demonstrated are a sign of a “healthy” asset and not of a weak one.
“Bitcoin (BTC) isn’t broken if it’s holding at these levels. I think people are afraid it is going to go back down to $6,000 and never come back from those bear markets. I think Bitcoin’s dominance is actually showing the market is reacting to what’s been taking place,” said Tom Lee.
During a
recent discussion with CNBC, Lee asserted that Bitcoin still has resources to rise and these are visible in the midst of the bearish market the world’s number one cryptocurrency is passing through right now.
