Buyers Control the Cryptocurrency Market More Than Any Time Since March 2017

[felixesteban]

Cryptocurrency buy orders now comprise nearly 93% of total market activity, according to data from TurtleBC. That’s the highest percentage since March 2017, when more than 96% of the market was in buy mode. At this time last month, only about 5% of the market was long cryptocurrency.

Interestingly, every major surge in buy orders in the last two years has come after a sharp decline in long positions. As TurtleBC indicates, when the buy market is less than 10%, it likely means that conditions have bottomed and traders are getting ready to purchase again.

The upsurge in buy orders coincides with a more than $130 billion recovery in cryptocurrency prices since Apr. 6, when the market bottomed near $249 billion. The recovery puts cryptocurrencies in bull market territory, based on the traditional definition of the term. Crypto assets were valued as high as $395.1 billion on Friday, according to CoinMarketCap. The total market cap has since fallen to around $382.2 billion.

The recent uptrend in prices has also been accompanied by a surge in trading volumes, with total market turnover more than doubling from earlier in the month. By Saturday, nearly $25 billion in cryptocurrency exchanged hands. The top-five exchanges – Binance, OKEx, Upbit, Huobi and Bitfinex – accounted for more than one-third of the daily turnover.

https://hacked.com/buyers-control-the-cryptocurrency-market-more-than-any-time-since-march-2017/