Yesterday (July 2nd), the price of Bitcoin and Ethereum recorded a steady climb of 6% after the market added $15 billion in crypto volume in only 2 hours. This resulted in a growth when the volume of Bitcoin surged by over $1 billion and the volume of Ether increased by nearly 20%.
The next 24 hours, as reported by media, would be crucial to the crypto market and define the trend of the major digital assets including Bitcoin and Ether throughout the week.
As we reported yesterday:
“The volume of bitcoin has recovered to $4.6 billion and the volume of Ether has risen to $1.5 billion, from $3 billion and $1 billion respectively. The recovery of the daily trading volumes of major cryptocurrencies signify an increase in stability in the crypto market. The next 24 hours will likely dictate the short-term price trend of bitcoin throughout the week,”
Over the last couple of hours, the volume of Bitcoin and Ether rose by about $2 billion while the volume of Tether achieved $4.2 billion. This movement to the upside signifies that investors are reallocating their funds stored in USDT whose value is hedged to the one of the US dollar – to digital assets.
As a result from this short-term bounce of Bitcoin, tokens such as Aelf (ELF), ICON (ICX), Zilliqa (ZIL), WanChain (WAN), and 0x (ZRX) all increased from 6% to 21% with ZRX recording 21.5% gains against Bitcoin and 27% gains against the US dollar.
Bitcoin is now trading at $6648 with a $113 billion market cap, while Ethereum sits at $480 with a $48 billion market cap. The total cryptocurrency market cap is $274 billion.
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