February is already a bad month for (some) cryptocurrencies. However, when compared to January, it is also better for many virtual currencies that recorded growth over the past few weeks.
However, what’s true is that most major cryptocurrencies in the global market (except Bitcoin Cash) have struggled to record major gains over the past 24 hours. From Bitcoin to Ethereum to Ripple to Cardano and even Litecoin, the sink was real over the past couple of days with some large price movements.
The only positive rise has been recorded in Bitcoin Cash. While the majority of cryptocurrencies in the market recorded 1% to 3% decline or incline in their prices, Bitcoin Cash (BCH) surged by 25% which led to a short-term pump in the crypto market.
The price of Bitcoin Cash increased from $995 to $1,250 with the volume concentrated on OKEx. The cryptocurrency exchanges on Bitcoin Cash were mainly coming from the Hong Kong-based cryptocurrency exchanges operated by OKCoin.
Even though there has been a large correction happening over the past weeks, cryptocurrencies moved on a similar trend that is led by Bitcoin and Ethereum. The two leading cryptocurrencies have been rising over the past couple of days, after sinking below $6,000 (Bitcoin) and below $700 (Ethereum).
What’s interesting is that all of the cryptocurrencies that have recorded massive gains in the past 24 hours were heavily concentrated in the South Korean cryptocurrency exchange market. If we take a wild guess, this is because of the rapidly growing exchanges and the regulation of cryptocurrency trading in South Korea.
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