While bitcoin and the broader cryptocurrency space tumbled last year, cryptocurrency as an asset class did attract new investments. In fact, venture capital funding in the crypto space was robust last year even as digital currencies tumbled.
Increasing volume could support more upside in the major cryptos or it could be a sign more traders are poised to flee the asset class.
“n the last 12 hours, the daily volume of the cryptocurrency market has recovered from around $13 billion to $16 billion, by 23 percent,” reports CCN. “The volume of Bitcoin has increased from $4 billion to $5.1 billion, demonstrating a fairly large jump in trading activity in a short period of time. The resistance in the $3,400 to $3,500 range may prevent an abrupt fall by a large margin in the upcoming days.”
For more information on the cryptocurrency market, visit the Bitcoin category.