What is going on with cryptocurrencies?

I wish i could say to you, but nobody really knows, the cryptocurrency market has its own terms and most of the time acts on media hype, but today was different.

Today we witnessed great spikes in the cryptocurrency market where an explosion of growth occured in a 30 minute time-frame, where Bitcoin jumped more than $1000 to break the $8000 levels.

This is the first positive momentum for cryptocurrencies where most of the coins are witnessing positive gains.
Bulls going for a ride?

If Bitcoin brakes the resistance zone and keeps it above the $8000 levels, the uptrend may take the lead and turn it into a bull market.

Even though this huge spike in price has a good feeling, it’s not healthy for the market because it will effectively result in a correction as well.

Bitcoin’s volume has nearly doubled after a few days of being stuck around $4bln, now being at $7 bln, showing that the demand for bitcoin hasn’t slowed.

No specific news or event have been confirmed as the reason for this bounce.

The total cryptocurrency market cap is currently at $300 bln dollars with increased trading volumes from all of the top 5 exchanges.

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