HodlX Guest Blog Submit Your Post
After a rather difficult first half of the year, the cryptocurrency market finally showed some signs of a very robust recovery, as the price of major cryptos like Bitcoin Cash, Ethereum and Litecoin saw a 5% value increase within just 24 hours.
This was preceded by a daily increase in the trading volume of all the major trading platforms, especially when it came to the large digital assets.
Within just seven days, the South Korean crypto exchange along with the BTC-to-KRW trading duo went from $3.1 billion to $4.4 billion. That was a whopping 44% increase in just a week but it didn’t last long as almost all cryptos took a hit after and Bitcoin Cash dropped 5%.
Bitcoin Cash 7x Increase in Volume
The price of Bitcoin increased by just 1% and investors thought that perhaps the price would move steadily and slowly up from there, thanks to the newfound BTC stability.
However, in order for BTC value to reach heights of 5% to 10%, there has to be a corresponding catalyst.
It’s probably going to be an uphill battle just to reach $6,500 and realize an upward trajectory in the short term, and this growth will have to be accompanied by a solid supporting volume.
On the other hand, major cryptos like Bitcoin Cash and Ethereum recorded positive growth in a matter of 24 hours, with Bitcoin Cash recording a 7x volume increase in that time period. This translated to a jump that went from $200 million to $1.4 billion, while Ethereum also recorded an impressive breakthrough growth rate of 4% from $200 to $208.