The cryptocurrency market is finally recovering after a long wait, Bitcoin Cash and Tron are surging and BTC is well above $3600. The aggregate value of all cryptocurrencies has risen to $122.7 billion.The market is seeing a $7.1 billion increase from Monday and a $19 billion increase since the weekend’s average.
One of the major reasons for this market cap shift is the altcoins’ monumental gains, catalyzed by an influx of buy-side volume ($9.8 billion 24-hour volumes). Bitcoin Cash (BCH) and Tron (TRX) both posting double-digit gains that would make leverage traders envious.
The BTC market dominance fell to 53.14%, down from the 54% posted earlier. Bitcoin has seen its fair share of legs to the upside in the past day. After range trading around the $3,500 yesterday, the prominent cryptocurrency began to surge on Tuesday afternoon. BTC moved from $3,500 to $3,640 in 30 minutes time. BTC has been on the up-and-up ever since, now finding itself above $3,700, with seeming intent to head higher.
At the time of writing, BTC is up 5% in the past 24 hours, with this respectable uptick being backed by a jaw-dropping $6 billion in trading volume.
Singapore-based Stephen Innes, the head of Asia Pacific trading at Oanda, is convinced that crypto’s so-called “relief rally” will last. Innes recently said that in the short-term, cryptocurrencies could post lower lows.
Innes explained that “looking at the hand that [has been] dealt.” Oanda expects for cryptocurrencies to “trader lower,” until investors can justify and determine proper valuations. Innes noted that with global markets “veering south, the fact that” crypto-friendly investors haven’t been able to stabilize BTC’s action is a worrying sign.
Innes doubled-down on his belief that negative catalysts will drive prices lower for the time being. The Oanda representative specifically drew attention to governmental intervention as a cause for concern for crypto’s underlying valuation model. Yet, the industry commentator isn’t all too bearish, as Innes explained that eventually, he expects for blockchain technology to garner global adoption, further providing a “solid footing for cryptocurrencies.”
BCH has boomed, posting a 24.55% performance in the past 24 hours, moving above $110 for the first time in days. The asset’s capitalization has now surpassed that of Tether (USDT) and LTC.
The market capitalization of Litecoin (LTC) began to surpass that of BCH. TRX, also saw a strong move to the upside. And interestingly, unlike a majority of other assets, there are fundamental reasons behind TRX’s sudden move higher.
Binance, for instance, recently revealed that it would be pairing TRX with TUSD, an important step towards improving liquidity in cryptocurrency markets.