Over the past 24 hours, crypto market has showed unexpected stability around $200 billion while Bitcoin prices over over $6,400 and Ethereum remained above $220. Bitcoin prices has been a matter of concern for few days, as only in three days, it fell nearly 30 percent. The prices of Bitcoin are still remain low and suffered significant low trading volume – as it dropped from $4 billion to $3.3 billion over span of a week. Bitcoin needs at least $4 billion trading volume to experience recovery from $6,400 to $6,500 range.
Since September 11, crypto market hasn’t shown any extreme trend and other than the abrupt increase in the price of ETH, market is pretty much relatively stable. Since June 2017, crypto market has shown the lowest rate of volatility and over the past three weeks in August 2018, the stability in the market is really optimistic. Analysts have been watching over this new pattern and predict this newly gained stability to span over a long time. Market has been really unpredictable and volatile for an eight month long period in which Bitcoin was highly volatile in the range of $6,000 to $10,000.
Alex Kruger, an economist and crypto currency trader suggest that the volume in the market showed exhaustion and a bottom at same time. Similar exhaustion volume can be observed in Binance, Bitmex and other exchanges. Many predict that it is highly likely that the crypto currency market maintain its low price range in upcoming weeks as well, for Bitcoin that would be within $6,500 to $7,000 range.
September has been a month of news for crypto industry, especially regarding the regulation of the digital assets. But mostly, it was a good month because of the decision of mining centers to grow the hash rate despite low-profit margins. So far, we have seen that the hash power of major crypto currencies are directly related to prices. If price of digital currency fell, hash power also decline but in September trend was different. Despite, the prices of Bitcoin and Ethereum fell, hash power increases, that shows miners are cutting their profit for the sake of crypto industry’s future.