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November 05, 2018 @ 13:39 +03:00
Major cryptocurrencies including Ethereum, Bitcoin Cash, and Litecoin have increased by more than 5 percent in value over the last 24 hours. The cryptocurrency market has started to demonstrate signs of recovery, as the daily trading volume of large digital asset trading platforms has increased over the past week.
Bitcoin Cash in specific has seen an increase of seven-fold in volume from less than $200 million to $1.4 billion. BCH has surpassed the peak volume Ripple (XRP) achieved in early October when its price tripled.
The volume of Bitcoin, led by an abrupt surge in volume in the cryptocurrency exchange market of South Korea and the BTC-to-KRW trading pair, increased from $3.1 billion to $4.4 billion within a span of seven days, increasing by 44 percent. Bitcoin recorded a mere 1 percent increase in its price and a minor price movement was expected, given that BTC has demonstrated its highest level of stability in recent years throughout the past three months.
For BTC to demonstrate a 5 to 10 percent in value in the current phase of the market, a major catalyst or a driving factor will be required. BTC is set to face some key resistance levels above the $6,400 mark and to confirm a positive short-term movement, it will have to demonstrate a strong movement above the $6,500 mark with decent supporting volume. While BTC has maintained a sideways market, other major cryptocurrencies like Ethereum and Bitcoin Cash have increased significantly in value over the last 24 hours. An increase in volume of BTC in both South Korea and Japan, two of the largest cryptocurrency exchange markets, could lead to a solid short-term movement for many major digital assets. But, until BTC breaks out of its tight range and tests $6,800, it will be difficult to confirm a short-term rally of any significance.