Bullish trend is back: Bitcoin Cash exhibits highest increase in trade volume among the top 5
Crypto market performance has once again reached its past glory. The market has been exhibiting a downtrend since May 2018. Most crypto coins including Bitcoin was braving a bearish market and experiencing a downtrend in prices. Finder.com’s market analysis of 1620 coins over the past seven days suggests that there has been a significant increase in the trading volume by 10%.
64% coins have seen a surge in prices after the weekly analysis. The average increase is estimated at 1.535%. There was an increase of 10% in the trade volume from the past week up to $99 billion. This is the first bright spot for the cryptoverse since May 2018.
Ethereum, the odd one out
While the overall crypto market’s trading volume showcased a rise in prices as well as a surge in trading volume, the crypto giant, Ethereum is the only one among the top 5 coins to sustain a loss in the trading volume by 12%. Bitcoin Cash exhibits the highest increase in trade volume by 12% while Bitcoin’s trade volume has increased by 10%.
Sakura Bloom saw the biggest increase in prices by 291%. It is currently trading at 0.014 and is gaining against USD by 0.06%. Pure, the cryptocurrency that enables instant transactions saw the biggest dip in prices by 82%. ALAX was ranked first in market capitalization by percentage growth. It rose by 405% to $10,331,412. Out of the top 10 coins, Bitcoin saw the biggest increase in market cap. Bitcoin’s market cap increased by $9,465,117,182 to $117,819,210,576, while Tether saw the biggest drop in market cap, by $83,111,660 to $2,624,894,971.
An analysis of market cap ranks of coins signifies that Pundi X exhibited the biggest increase in market cap ranking. It moved up 1307 positions to 41. This is a remarkable increase and it also implies the fast-paced growth of the company which aims to provide a simple way of purchasing goods using the cryptocurrency.
The cryptoverse has received glad tidings this month. Prices have increased in the overall market and market is recovering from the bearish trend. According to the co-founder of finder.com, “Not only are we now seeing a continuing increase in cryptocurrency prices, but the total volume traded has increased week-on-week for the first time since our May 28 analysis. This gives me hope that the bearish trend may be over and the cryptocurrency market is recovering. I’m not confident in it seeing the same heights as the market reached last year, but we could see a run at the end of the year”.
Image via Shutterstock
Join our Telegram group