Cryptocurrency Market Stabilizes at $500 Billion, Bitcoin Records 5% Gain

2018/2/19 14:25:30

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. 


From CCN, Feb 19, 2018


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.


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