According to CoinIran and quoted by CoinDesk, By looking at individual markets on CoinMarketCap, we find out that the highest trading volume for bitcoin is in BTC/USDT pair listed on the digital asset trading platform OKEx. In addition, five out of the top 10 cryptocurrency exchanges by volume offer BTC/USDT and BTC/USD. It seems investors prefer to trade with USD-pegged tokens because of low volatility.
A comparison to previous months
On March 2nd trading volume stands at 8.2 billion – the highest since Feb. 21. But this rate doesn’t seem to be a significant number compared to the average daily trading volume of $13.8 billion seen in January and $13.2 billion seen around the price peak in December.
And we must also take into account the fact that 24-hour volume did not change significantly over the past month and is currently about $ 8.2 billion. Regarding this, the price may not exceed $ 12,000 and the price will drop to around $ 10,000. Anyway, if you see BTC to 10k it is just to establish news support, so don’t get scared if you are in BTC. I am not saying it is going to happen but this is just to inform you to be prepared and if you see BTC down to 10 K you won’t be scared; Because, it is good for BTC to establish more and more supports!
Slow and steady growth of bitcoin
The current target for BTC is 12.7-13.0k. I still believe that the majority alts will go down. Some of them 5% but some will go much more. BTC dominance is growing today too. At the moment it is 41.4%. Yesterday it was 40.7%. It is growing slowly but steady. But it is going slowly. In 7-10 days it could be at 50% and it means that alts will be down from 5% up to 20-25%.
So, if you are looking for entry points, I think that this is not bottom and you will be able to buy them even cheaper. If you buy now, you won’t be in a loss but it will take a little bit more until you make profit and that profit won’t be so big but profit is profit!
Anyway, we should be ready and examine the situation. Incidents such as tensions between North Korea and the United States, fluctuations in the gold market and … Can affect the bitcoin chart process.