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Keeping tabs on the cryptocurrency market can be hard, with the market’s inherent volatility making prices and trends impulsive and very difficult to predict. Bitcoin is a prime example, with the world’s largest cryptocurrency experiencing a sharp pullback over the past few days, after days of bullish movement. This pullback in fact, pulled Bitcoin’s price below the $10,000 mark. However, in yet another illustration of the market’s erratic nature, Bitcoin was surging again.
At press time, Bitcoin was back on the side of the bulls after the virtual asset exhibited a rapid surge of 4.18 percent over one hour.
Source: CoinMarketCap
Earlier today, Bitcoin had dropped down to a valuation of $9808. At press time however, the price of the digital currency was placed at $10,345. The consolidation was surprisingly high with respect to BTC’s usual volatility, with other altcoins also following the same path.
The market capitalization of Bitcoin had dropped below $200 billion over the weekend and at press time, it was recorded at around $183 billion. The trade volume over the past 24 hours was fairly healthy however, as it gathered a 24-hour trading volume of over $30 billion.
Binance exchange was responsible for the highest Bitcoin trading volume via the trading pair of BTC/USDT pair, contributing 3.37 percent to the same.
Source: TradingView
As observed from the chart above, it can be noticed that Bitcoin recorded consistent devaluation over the week. However, the current surge moved its price over the Moving Average [MA] Line. Despite that, the price continued to project sideways movement.
According to reports, the Bitcoin market is currently resisting major pullback and its price is being hiked by the rapid printing of USDT. Tether reportedly printed another $100 million USD over the past 24 hours and it is fairly known that most of the funds are flowing into the Bitcoin market.
Source: CoinMarketCap
As can be observed, the top ten exchanges witnessing high trade volume, did so with the trade pair of BTC/USDT over the past 24 hours, suggesting the involvement of Tether in the present surge.