Following Elon Musk’s, Dogecoin’s godfather, acquisition of Twitter Inc. last week, the cryptocurrency market has recorded a spike in daily traded volume, with stablecoins leading the pack. According to the latest cryptocurrency price oracles, Tether (USDT) has a 24-hour average volume of $59,332,848,634, whilst Bitcoin, the top digital asset, has a traded volume of approximately $36.5 billion.
On the other hand, according to Binance-backed Coinmarketcap, Circle’s USDC has registered an average turnover of $4.3 billion, up 21 percent over the past 24 hours.
On-chain market intelligence platform, Santiment, has indicated that crypto whales have been busy buying, hence forecasting major price movements. Moreover, Dogecoin has already gained over 150 percent in the past week.
Is a Crypto Bull Market Around the Corner?
The answer to this question is much more complicated than yes or no. It would probably be wise to take the crypto historical data down and take a serious look at the current fundamental aspect. Nevertheless, with speculation in the cryptocurrency market in ATH from institutional and retail investors, a price breakout across all digital assets is highly likely in the near future.
From a technical standpoint, the multi-week bear market, which began earlier this year, may be over, with Bitcoin price possibly headed to $30k. Notably, Bitcoin price closed last week on a bullish stance, with a possible perfect double bottom.
Historically, the price of bitcoin has taken the entire altcoin industry with it, giving market strategists something to work with. With Bitcoin halving in 546 days, a major bull run may not take place until then.
However, Bitcoin price has never gone below its prior ATH in a bear market, which has happened this time. As such, market strategists are left speculating on the next possible breakout.
According to Bloomberg and FT columnist, Mohamed El-Erian, the crypto market will consolidate at current levels for some time until the appropriate regulations are in place.
A market study by Glassnode indicates that the cryptocurrency market is at a critical crossroads following the recent price pump.
“The market is currently approaching a bottom of the real price at $21,111, where a break above would be a notable sign of strength,” said Glassnode’s insight.
