Ethereum is also growing in volume. Kruger believes this is not about manipulation
Global market analyst Alex Kruger drew attention to the fact that the average daily volume of the cryptocurrency Ethereum, whose price has risen by 60% since 19 February 2020, was four times higher than in the second half of 2019 in the last week. many ETHs, ”he noted, pointing out that if the volume of a cryptocurrency traded increases with its price, it means that demand for it is increasing and is showing an upward market structure.
However, the potential for manipulation by whales is also mentioned in connection with the Ethereum price increase. With this theory came trader Joe007, but Kruger does not agree with it. According to him, Ethereum’s price growth is helped by important fundaments, which include increasing interest in DeFi and accumulation in the spot markets.
Activity at Cardano has been growing significantly since the beginning of the year
The development of the Cardano cryptocurrency has made significant progress in recent weeks to months, and what is a positive signal for the developers of this project is the fact that, besides, the activity of users is growing significantly. This stems from IntoTheBlock data.
Bitcoin could overtake VISA after halving, says Willy Woo
Bitcoin already processes more than one percent of world GDP and its investment flow is growing tenfold with each additional halving cycle. This was highlighted by popular cryptotrader Willy Woo, who analyzed data from Coin Metrics. According to them, the current bitcoin investment flow is 727 billion per year and after further halving could say that it could compete with VISA.
Bitcoin trading is growing, as confirmed by the Bakkt figures
Daily volumes of Bitcoin futures traded on the Bakkt platform have been steadily rising since mid-January, indicating that the current rise in Bitcoin prices may not only be an attempt at whale manipulation. This topic has been addressed by CryptoSlate, which states that as trading volumes increase with market value, this is a frequent proof that this growth is built on real foundations.
As the price of Bitcoin climbed from $ 8,000 to $ 10,500, the daily amount to Bakkt gradually increased from $ 10 million to $ 24 million, arguing that demand for Bitcoin is increasing not only for retail but also for accredited investors and institutions.
[crypto coins=”BTC,ETH” columns=”2″]