Overheen the past 24 hours, the cryptocurrency market has gained $20 billion, spil major cryptocurrencies bitcoin and Ethereum recorded solid gains. Bitcoin enhanced by more than 6 procent, while Ethereum, EOS, Litecoin, Ripple, and Bitcoin Specie rose by around Four procent.
Volumes are Back
Changpeng Zhao, the founder and CEO at Binance, the world’s largest cryptocurrency spil demonstrated by cryptocurrency market gegevens provider LiveCoinWatch below, noted that volumes across most major cryptocurrency exchanges are back, signaling an increase te request for cryptocurrencies.
Zhao stated , “good to see volumes are returning across the houtvezelplaat,” spil the cryptocurrency market began to demonstrate a large increase ter daily trading volume, which has bot relatively low everzwijn since the price of bitcoin dropped to the $7,000 region earlier this month.
Storm, an Ethereum-based blockchain podium that incentivizes users for carrying out micro tasks, wasgoed the best performing cryptocurrency of the day, spil it enlargened by around 170 procent. Presently, Storm remains spil the 2nd most liquid cryptocurrency te the total market behind bitcoin, with a $Two.Trio billion trading volume.
The vast majority of Storm’s daily trading volume is generated by Upbit, South Korea’s 2nd largest and the world’s fifth thickest cryptocurrency exchange, which recently listed Storm on its podium. The South Korean cryptocurrency market has bot leading the latest rally of Storm.
ICON, better known spil South Korea’s Ethereum, also experienced a massive surge ter value after Bithumb, the country’s largest cryptocurrency exchange, listed it last week.
For several months, across January and February, volumes on South Korean cryptocurrency exchanges remained low. During the correction, many investors within South Korea, especially speculators and feeble arms, were bruised by the acute decline ter most major cryptocurrencies.
Consequently, analysts predicted the cryptocurrency market ter South Korea to take at least three to four months before it can recover. But, positive media coverage of public figures such spil Peter Thiel, Twitter CEO Jack Dorsey, and billionaire investor Alan Howard led the particular market to recovery swiftly.
Overheen the past few days, daily volumes of bitcoin, Ethereum, and other cryptocurrencies remained fairly low, and the price of bitcoin dropped from $9,000 to $8,500 spil a result. If the current daily trading volume of the cryptocurrency market can be sustained overheen the next few days, the market will be able to rebound from last week’s losses.
Aaron Brown, an pro te financial market research, stated that the request for bitcoin from the public market has not enlargened strafgevangenis decreased, spil price movements have remained slick.
“Both using historical contemporáneo price movements or option implied volatilities, volatility seems to be about equal across exercise prices. This suggests Bitcoin price movements are sleek, like a natural distribution, rather than characterized by fat tails, leaps and switches te volatility like most assets. Bitcoin volatility is very high, but the volatility captures all of the risk,” Aaron Brown wrote.
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