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Cryptocurrencies trading volume still up despite slow Sunday market

Unfazed by slow Sunday numbers, trading volume of top cryptocurrencies remain high.

Based on CoinMarketCap data, largest cryptocurrency bitcoin breached $11 billion on Friday, a number that has not been seen in nearly a year.

Litecoin followed suit. It reached $1.79 billion, a marked volume uptick since the cryptocurrency market took a hit late last year.

The numbers seem to indicate that the depreciated cryptocurrency value has not dampened investor interest.

In the case of bitcoin, it reached similar trading volume when its average value was more than $8,000.  Current bitcoin value hovers around $4,000.

Litecoin tells the same story as well.  It registered comparable trading volume when its value was around the $200 mark.  Current Litecoin value is right about $60.

Slow Sunday
Most cryptocurrencies experienced a steady rally throughout the week.

By Sunday, however, some slightly fell around one to two percent.  The bitcoin, for example, closed at a high of $4,048.73 on Saturday, only to make a minimal retreat to $4,034.17 a day later.

Despite this, trading volume continued to remain high, a potential indicator of investor confidence in cryptocurrencies.

Bullish turn
High trading volume could also be a sign that cryptocurrencies are due for a bullish run.  This according to Long Island University Department of Economics Chair Panos Mourdoukoutas.

In Mourdoukoutas’ article “3 Bullish Signs for Bitcoin, Ethereum, Litecoin, EOS and other Cryptocurrencies” published on forbes.com in February, he cited three signs that cryptocurrencies are about to take a buoyant turn.

Apart from the sudden rally that started early this year and the growing acceptance of cryptocurrency among institutional investors, Mourdoukoutas says interest is a major sign that a bulllish run is imminent.

“Adding to the technical momentum of the cryptocurrency rally is enterprise interest,” he writes.

While this is welcome news for investors, analysts say it is best to be cautiously optimistic.  Economist and cryptocurrency expert Alex Krüger expressed such sentiment in a tweet he sent at the beginning of the rally early this year.

“Crypto simply stopped falling. Nothing else has changed. No reason to expect a rabid bull run yet,” Krüger tweeted.

As of press time, Coinmarketcap data show bitcoin value is now at $4,034.94 with trading volume of $8,438,591,814.

Litecoin, meanwhile, improved to $61.89 with trading volume of $1,647,550,225.

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Written by Lea Reyes

Lea Sicat Reyes is a freelance journalist based in Negros Oriental, Philippines. She has held various teaching and writing posts since 2005. Currently, she is a school administrator for a local middle school and is a columnist and editor for the Negros Chronicle.

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