Bitcoin And Ethereum Daily Price Forecast – Trade Volume Hits Multi-Month High’s Hinting at Continued Positive Price ActionCrypto market is on the positive rally as ongoing price action is supported from a fundamental perspective by hawkish investor sentiment, increased fund flow and healthy growth in real-world adoption of crypto assets usage.
Cryptocurrency market today continued to see positive price action in Bitcoin and other major legacy crypto coins. The positive price rally over the last 24 hours led to overall crypto market capital value increase worth more than a hundred billion dollars with Bitcoin alone seeing an increase in value worth over $8 billion USD. According to headlines in the market, trading volume in Bitcoin hit 9-month high yesterday. Given the recent positive price rally in the crypto market and increased risk appetite of investors, major crypto coins are seeing increased fund flow from retail investors. Legacy crypto coins yesterday breached psychological price levels, but profit booking activity owing to the rally resulted in price action declining below said levels. Post the decline, legacy crypto coins are currently trading in consolidative price action.
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Ethereum is The Top Gainer in Ongoing Bullish Price Rally
Meanwhile, Bitcoin continued to see positive price action even today and rose above $4000 handle which led to intense profit booking activity. A clear lack of fundamental support to support rally above $4000 mark led to the pair consolidating above $3900 handle today. While positive investor sentiment inspired by positive price rally can be viewed as the main reason/fundamental support for ongoing price action, the key trigger that helped Bitcoin scale $4000 mark was news that BBVA, one of Spain’s largest banks issues a bond based on blockchain technology worth nearly $40 million. While there are no events supporting ongoing positive price run in crypto markets, back to back headlines from different nations which show increased support and adoption of crypto coins in real-world usage is beginning to reflect on investor sentiment and creating solid support for crypto assets in truest sense owing to their decentralized nature.
As of writing this article, BTCUSD pair is trading at $3955.5 up by 1.37% on the day, while ETHUSD pair is trading at $146.42 up by 0.19% having hit an intra-day high of $150.63 earlier in the day. Owing to the positive reception of progress related to upcoming Constantinople network upgrade and high level of usage in the real world, the second largest cryptocurrency in terms of market capital – Ethereum has been the #1 cryptocurrency in terms of increase in value during the ongoing positive price rally among all major legacy crypto coins. Moving forward for the day, Bitcoin and other major legacy crypto coins are expected to continue trading with positive bias influenced and supported by positive investor sentiment in the crypto market as visible from trade volume data which hints that bullish price action is likely to continue in immediate and near future trading sessions.
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