Bigger Things to Come: Crypto Trading Volume Hits All Time High
Crypto markets move ever higher; Record volumes see Bitcoin Cash, SV and Litecoin surge in the wake of Bitcoin.
Crypto market momentum has continued for a second day as prices push ever higher. Bitcoin’s continued climb has pulled most of the altcoins up with it, many of which registering double digit gains over the past 24 hours. Total market capitalization has reached its highest level for over four months and daily volume is at a record high.
Bitcoin’s epic rally yesterday resulted in a minor correction as BTC pulled back to the $4,700 but it did not stay there for long. Volume has built up to record levels of over $24 billion which has caused the momentum to continue as BTC broke $5k again a couple of hours ago. At the time of writing it is trading at $4,970 according to Tradingview.com. Many analysts and observers are predicting the move to go all the way up to $6,000 for the king of crypto.
Ethereum finally got the lift it has been waiting for as prices pushed up to $166 in a 12% gain over the past 24 hours. Analysts have their eyes on $200 again if the momentum can be sustained. ETH is currently being outperformed by many of the other altcoins but XRP is not one of them. The Ripple token only managed to add 8% on the day taking it to $0.35.
Bitcoin Cash has trounced the top ten as it surged 45% from $180 to $255 over the past day. The pump appears to be fomo driven on the back of the market-wide rally and a few others are getting the same treatment. Litecoin has flipped EOS again as it pumped 22% to reach $80 and Cardano is still going strong with a gain of 16% flipping Tether and taking ninth spot.
Big moves in the top twenty are Bitcoin SV with a jump of 23% to $85, NEM is also up over 20% on the day. Monero, Dash and NEO have all added almost 10% over the past 24 hours but Maker has failed to register any new gains and remains at $740.
FOMO: Augur Flying High
Bitcoin Cash is the top performing coin in the top one hundred but Augur is second with a jump of almost 40% to reach $23 before a slight pullback. The predictions based token project has just released an app update. Metaverse ETP is pumping 30% and Dogecoin is still riding on its April Fool joke as it continues to climb.
There are very few altcoins getting dumped at the moment but ABBC Coin is one of them dropping almost 10% from previous pumps. Ravencoin is also down around 4% on the day.
Total crypto market capitalization has reached a new 2019 high of $171 billion as another $10 billion was injected over the past 24 hours. The key take at the moment is daily volume – it has reached an all-time high of almost $90 billion, at least according to Coinmarketcap.com. This is higher than the peak of 14 months ago when prices were through the roof. Volume is often indicative of greater things to come so watch this space, the bull run could just be beginning.
Market Wrap is a section that takes a daily look at the top cryptocurrencies during the current trading session and analyses the best-performing ones, looking for trends and possible fundamentals.