Bitcoin and Ethereum markets have both recovered spectacularly over the past week. With huge news coming out of South Korea adding to the woes from china, the progress made by particularly Ethereum markets have been a tribute to their resilience. As Ether prices stand over $300 at the time of writing and bitcoin too jumping well over 14% over the week, crypto traders have enjoyed huge profits this week.
As seen on the graphs below, bitcoin had a hugely successful week with trading volumes almost reaching $2 billion within a 24 hour period. As Japan officially gave bitFlyer, one of the biggest crypto exchanges in Asia a license to trade, the effective legality promoted a huge influx of trade as the exchange sees well over $57 million being traded everyday. Current trends further allow traders to predict prices remaining firmly in the bullish view as maintaining the current rate of growth and trading volume should see prices extend further to $4360 by early next week.
To conclude, Ethereum markets have been the biggest movers over the week. With the south Korean market remaining in a critical condition over the week as a ban on ICO’s was revealed earlier this week. However considering many traders have still got unrestricted access to using Ether for funding ICO’s based overseas. The previous week was rough for Ether as markets did dip to the $280 level, but the recovery seems to be initiated as markets have remained above the $300 for over 24 hours.
Many have cited the $310 price point to be the catalyst considering the point to allow markets to progress to expected targets of $330.
It has been advised that traders currently sell Ether as the next week will be crucial for the cryptocoin but considering current trading volumes, the lack of fresh liquidity being pumped is likely to see markets become stale in the short term.