Bitcoin (BTC) Price Recovers After ETF Denial, Crypto Trading Volume Sees 11 Week High
Crypto Market Updates Show Trading Volume Hits Near 3 Month High, Recovering After Bitcoin ETF Letdown
Cryptocurrency investors can rest a bit easier with the conclusion of this week as the market looks set to rebound to reach a market cap of $300 billion after a series of corrections.
The two days saw roughly $15 billion stripped away from the market, sending cryptos, major and small alike losing ground – most of which was sparked by Winklevoss Bitcoin ETF appeal getting denied. Almost like clockwork, we saw BTC at $8,250 prior to the news breaking and immediately dipped down to $7,830 range until it started to recover back into the $8,200 range where it currently resides.
Over the span of Friday and today, markets are pushing back against a downward trend, trading in a healthy shade of green as it hits a trading volume of $26 billion. Some researchers are speculating this spike in volume is not all real, having inflated artificial values due to a small Asian exchange EXX.
However, as we investigate this matter and will have a review up in the coming hours, this volume does place it at an 11 week high regarding trading amount. The likes of Bitcoin is gaining some traction with a 3.3% increase in its value share, pushing the BTC price to a $8,200 valuation at the time posting – in which today's high was $8,272 according to Coinbase charts .
At the same time, Ethereum has accrued some nominal gains, with its value increasing by 1.4%, reaching $470, demonstrating that the corrections were a short-lived pastime compared to a longer bullish trend which may be on the horizon.
Altcoins were not left out of the good news, with Stellar standing out from the rest, as it gains 5% to its value, reaching $0.321 today, marking a 7-day increase of 16% from 0.275 thanks to business growth and further partnerships.
Overall, Altcoins are collectively seeing gains of anywhere from 1-3% depending on the coin and investor behavior.
A special mention for Binance is in order; while cryptos across the board have enjoyed gains of 1-5%, the Binance coin has seen improved gains of roughly 7.5% thanks, in large part, to its febrile activity such as moving and securing its current operations in crypto-haven Malta.
BNB (Binance Token) is currently trading at $14.63, which is a gain of 7.5% over the last few days, and an even more spectacular increase of 20% when compared to values last week.
Both Bitcoin Gold and 0x have also performed strongly with 8% in terms of growth as well with Zilliqa gaining roughly 7% thanks partly to its ongoing collaboration with Etheremon as it pivots away from the Ethereum blockchain.
Currently, only two altcoins have seen any double-digit growth over the span of this week. These two being Pivx, which has increased in value by over 25% (hitting $2.28 today) thanks to the announcement that one of its developers had achieved the first ever minting of Zerocoin on its Wallet.
The second altcoin in the mix was Komodo (KMD), which has so far increased in value by 11% ($1.67) according to Coin Market Cap. By comparison, not all altcoins were able to navigate themselves out of the red stare of the market correction. These include Dentacoin (DCN), which has fallen a further 2.97%, and ChainLink (LINK), which fell by another 1.63%.
By the evening of Saturday, the cryptocurrency market has gradually crept up to scratch at its previous $300 billion total market cap, rising by 3%. The real jump-start didn't occur until Friday, when a further $11 billion entered circulation in just under two hours of trading.
From last week, there has been an overall increase of 8% in the market cap with further recovery believed to be on the horizon. Currently, the trading volume is at its highest in over 11-weeks, reaching the highs seen during the market bull of mid-May of this year.
For more insights and billionaire brain dumps, we recommend reading and watching Bill Miller's stance on bitcoin and the future of the cryptocurrency markets: