The cryptocurrency market recently started to gain some momentum. The situation has been positive over the past 48 hours, with three consecutive increases recorded by Bitcoin. The tokens such as OmiseGo and DigixDAO were also rising in terms of volume and price – but it is still uncertain whether the market can be classified as bullish.
That is mainly because of the volume of all digital coins which is still low. Most often, the stability in the cryptocurrency sector must signify a potential build-up for a bull rally – and an increased volume in the short-term – especially if several daily buy candles are recorded consecutively.
Tether (USDT), the cryptocurrency whose value is linked to the US dollar, remains as the second most traded cryptocurrency in the market behind Bitcoin, signifying that traders are utilizing the US dollar-backed currency in order to hedge the value of cryptocurrencies.
At this point, we are far from a bullish run. The truth is, the short-term trend of BTC has become more positive but the market is still bearish. In a period like this, large-scale investors must look towards mid-term triggers and factors that could lead to market recovery.
One of the best things that happened for Bitcoin was the introduction of a Bitcoin ETF that will enable institutional investors to enter the crypto market with full protection against any security issues.
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