The major cryptocurrencies reported slight-to-moderate gains on Monday, as the return of high-volume trading offered compelling evidence that a bearish-to-bullish trend reversal may be afoot.
Most of the top 20 cryptocurrencies are trading in positive territory. Among the majors, Ethereum is leading the way higher. The developer’s cryptocurrency has gained 4% in the last 24 hours to reach $122.29, its highest in three weeks. EOS was also one of the standout performers, gaining 3.1% to reach $2.79. Looking further down the crypto market index, Cardano jumped 3.9% to trade at $0.0421.
A breakdown of the top 20 coins is provided below.
The cryptocurrency market peaked at $123 billion overnight as bitcoin returned above $3,700 momentarily. The BTC price is currently trading in the low-$3,600 region on most major exchanges, with aggregate pricing data showing an average of around $3,663. More on this story: Bitcoin Price Aims Higher as Volume Returns, Volatility Crumbles.
The $123 billion market cap exceeds the height of the rally on Friday, which saw more than $10 billion being added. It was also the highest level since Jan. 19.
Volume Tells an Interesting Story
The breakout on Friday was notable for one other very important reason: it was accompanied by a high-volume surge for bitcoin and the major altcoins. Bitcoin’s trade volume exceeded $8 billion on Friday, as market-wide turnover topped $25 billion. Trading activity dipped over the weekend but held above $18 billion on both days. In the last 24 hours, volumes have rebounded 15% to $21.1 billion, according to CoinMarketCap.
Trade volumes are near their highest levels since mid-November, only this time the upsurge in activity is concentrated on the buy side instead of the sell side.