RATE Group | Volume of Bitcoin Surges Nearly 30% as it Finally Breaks Out of $6,550
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Volume of Bitcoin Surges Nearly 30% as it Finally Breaks Out of $6,550

09 Oct Volume of Bitcoin Surges Nearly 30% as it Finally Breaks Out of $6,550

Posted at 11:05h in Bitcoin News by

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bitcoin price

Bitcoin, the most dominant cryptocurrency in the global market, has seen an abrupt increase in its volume from $2 billion to $2.53 billion on CoinCap.io.

On Coinmarketcap, the volume of Bitcoin has risen from $3.2 billion to $3.8. The discrepancy between the volume of BTC listed on CoinCap.io and Coinmarketcap comes from CoinCap.io’s system that does not take daily trading volumes from exchanges suspected to have inflated numbers into account.

Volume was the Biggest Issue

Throughout the past seven days, CCN consistently reported that the low volume of Bitcoin had posed a serious issue for the rest of the market. Although tokens started to initiate some big gains on October 8, the lack of momentum on BTC has prevented the market from initiating large gains to the upside.

For most of October, Bitcoin was bear biased, with weakening $6,500 support level and continuous demonstration of low market activity.

Edward Morra, a technical analyst in the cryptocurrency sector,…

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