Is the cryptocurrency space heating up?
The market on Tuesday was sluggish at best. Of the four main indices, the Nasdaq 100 (QQQ) achieved the largest gain on that day with + 0.45%. The average daily volume on Tuesday in the QQQs was also hit with 27,800,000 shares traded compared to the average of 40,300,000. As the stock market slowed for the day, the cryptocurrency room heated up. Since Sunday evening, the total market capitalization of cryptocurrencies has increased by about 20%. The money flowing into the room comes below 30,000 following the recent decline in bitcoins (BTC). Bitcoin is currently trading at around 36,000. Some say Bitcoin's recent low was the low before a major rally. From a technical point of view, however, Bitcoin is facing quite a resistance, which is around 40-41,000. If it can break out of this price level and hold it, it would confirm a breakout across a key consolidation area. Recently, we identified the technology sector as the strongest in the stock market from a momentum and price point ...