In the last 48 hours the crypto market managed to add over $40 billion in value. This happened as many major assets like ether, bitcoin, Bitcoin Cash and Ripple recorded gains that ranged between five and ten percent.
XRP, EOS, BCH and ADA saw the highest increase on July 3, 2018. ADA had a daily increase of 16%, with EOS showing 13%. In the past few weeks these digital assets did not do great when compared to bitcoin and the US dollar.
Specialists believe that the July 2 corrective rally established a trend for July’s first week. We saw an unforeseen ether and bitcoin volume rise that made the entire market bounce. Both minor digital assets and major cryptocurrencies followed.
At the moment, Bitcoin volume stays at $4.6 billion and Ether is stabilized at $1.7 billion. Ripple and Bitcoin Cash volume almost doubled from last week.
Investors are now more optimistic about digital asset short-term trends. In the past, when faced with stronger corrective rallies, it was the analysts that said there is no firm base for the cryptocurrency market to gain value, no matter the optimistic indicators, moving averages, oscillators and more important signs. Now, the entire market had a solid volume increase, with 2 stable days shown in volume and value.
At the moment we see an increase in trading crypto-to-crypto as opposed to crypto-to-stablecoins. The smaller cryptocurrencies are going to be huge beneficiaries of the recent volume and price surge, all in the following days. Tokens like ELF, AE, GTO, BQX and BLZ recorded 10% gains when compared with bitcoin, which itself gained 5% value.
Rebounding Cryptocurrency Volumes
Daily cryptocurrency trading volumes are now better for most assets. Small tokens and cryptocurrencies still show small volumes but it is expected that over the following days we will see this trend change even for the smaller digital assets.
As we see optimism developed from retail traders and investment firms about short-term cryptocurrency market future, the major digital assets will most likely continue with value rises. However, in the mid-term, there is a minor correction that should never be disregarded. There is a possibility that the crypto market will quickly go up so a fall will follow in that case. Interested investors have to be aware of this.