Market Analysis

The cryptocurrency market recovers after massive gains are made by top coins in the last 24Hrs.

In the last 24 Hrs. the cryptocurrency market has seen an increase of $20b. This is attributed to the rise in the price of the top crypto coins with Bitcoin having a 6% increase after trading at lows all week. Bitcoin Cash, Litecoin, Ripple, and Ethereum hit close to 4% increase in price.

Additionally, Data from LiveCoinWatch, a cryptocurrency market data provider, indicated that trading volumes are back in major cryptocurrency exchanges. This shows a heightened crypto demand is kicking in. On his Twitter account, Changpeng, Binance founder, wrote: “Good to see volumes are returning across the board.” This was the first sign of volumes increasing after almost a month of Bitcoin (BTC) exchanging hands at $7000 which had gradually fallen from $9,000.

The most liquid cryptocurrency after BTC, Storm, skyrocketed in price after it roughly made a 170% increase. Storm has a trading volume of $2,300,000. The fifth largest cryptocurrency exchange globally, Upbit, with its base in South Korea is responsible for producing Storm’s trading volume on a daily basis. The exchange has of late been strongly behind the success of Storm after it listed it on their exchange.

According to Brown, a financial expert,” Both using historical actual price movements or option implied volatilities, volatility seems to be about equal across exercise prices. This suggests Bitcoin price movements are smooth, like a normal distribution, rather than characterized by fat tails, jumps, and changes in volatility like most assets. Bitcoin volatility is very high, but the volatility captures all of the risks”

In the last few days, the major coins posted very low trading volumes and if this new rise of trading volumes is sustained over the coming days, the cryptocurrency market will recover from loses experienced in the past couple of days.

Since crypto coins cannot be predicted, do you think it’s possible to maintain constant trading volumes?

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coinmag

Philip is an experienced blogger keen on staying updated with trends and news surrounding the blockchain and Bitcoin space. With several years of freelance experience in various industries, Philip brings his knowledge and experience into the crypto space.

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