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, Circle’s USDC has recorded an average traded volume of $4.3 billion, up 21 percent in the past 24 hours, according to Binance-backed Coinmarketcap.
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 a yes or no. Perhaps it would be prudent to walk down the crypto historical data and critically study the current fundamental aspect. Nonetheless, with speculation in the cryptocurrency market at ATH, from institutional and retail investors, a price breakout on all digital assets is highly possible 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, Bitcoin price has carried with it the entire altcoin industry, hereby giving market strategists something to work with. With Bitcoin halving 546 days away, then a major bull market may not materialize 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 a Bloomberg and FT columnist, Mohamed A. El-Erian, the crypto market will consolidate at the current levels for a while until proper regulations are implemented.
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 the underside of the Realized Price at $21,111, where a break above would be a notable sign of strength,” Glassnode’s insights noted.