The recent trading volume of the world’s largest digital currency has been very low. The trading volume of Bitcoin (BTC) on the 21st of October is the lowest the digital currency has seen this year. The value of the digital currency is also facing a major hurdle on the upside. Bitcoin (BTC) has failed to recover to the better end of $6k. This shows that the digital currency lacks strength and momentum.
Bitcoin (BTC) Trading Volume Tests a New Yearly Low
The digital currency needs more bullish traction to recover to the higher zone of $6,000 and surge in trading volume. Yesterday, the trading volume of Bitcoin (BTC) dropped to $3.1 billion on coinmarketcap.com. Whereas, on CoinCap, the trading volume of the digital currency dropped to $1.91 billion.
Bitcoin (BTC) Price Today – BTC / USD
The last yearly low of Bitcoin (BTC)’s trading volume on coinmarektcap.com was $3.2 billion. On CoinCap it was $2 billion. The low trading volume of the digital currency might even affect its near-term trend negatively. Many have attributed the low trading volume of Bitcoin (BTC) to the decline in trading activity on Sundays.
Carpe Noctom Predicts a Breakout over the $7k
Carpe Noctom said if Bitcoin (BTC) can break and close over the $6,800 level in the next couple of days, the digital currency could break over the $7k mark in the near-term. Carpe Noctom is a highly respected digital currency technical analyst and trader.
Bitcoin (BTC) has been trading between the $6,200 and $6,800 range for about three months now. This shows the highest level of stability the digital currency has experienced in the past months. Over the past seventeen months, this is the highest level of stability Bitcoin (BTC) has seen.
Bitcoin (BTC) Traders Are Waiting for a Breakout
Analysts have attributed the decline in trading activity in the crypto market to the worries of investors and traders about the uncertainty of the crypto market. A lot of traders are waiting for a breakout in the value of Bitcoin (BTC) to confirm a near-term price movement. However, Bitcoin (BTC) hasn’t really given them what they want as it has not seen a major movement since August.
Other Tokens See More Gains than Bitcoin (BTC)
Most tokens in the altcoin market have shown decent gains over the past couple of days. They’ve demonstrated nice gains against Bitcoin (BTC) and the USD. Tokens such as Qtum (QTUM), Golem, Decentraland, and Augur have seen gains ranging from five to ten percent. Bitcoin (BTC) is still within the $6,450 to $6,600 range, with $6,600 acting as a major hurdle on the upside.
Yesterday, a huge number of stablecoins, including Tether (USDT), were moved to several digital currency trading platforms. The majority of the coins were moved to the Kraken exchange. The Kraken exchange recently saw a massive influx of Tether (USDT). This was due to the continued declines in the value of the stablecoin. Tether (USDT) saw a sharp, massive decline in its value recently, and this cause panic in the crypto space. Most traders holding Tether (USDT) tokens rushed to the Kraken exchange to convert their tokens to U.S dollars. However, the digital currency is now close to its historical price range which is the $1 level.