A market rebound began a few hours ago today, after a week of drought in the cryptocurrency markets. This rebound brings in 2019’s highest trading volume of $26 billion.
Market observers noted a $11 billion crypto market pump in the last 24 hours rising from $121 Billion to $132 Billion market cap.
As compared to its value at this time yesterday, ETH has gained a whooping 16.5%, moving from $123 to $148. The resulting increase in Ethereum’s market cap to $2.2 billion moves it far ahead of the Ripple coin. Ethereum has recently been drawing in tech and network upgrades including the hard fork, which might be the reason why ETH is presently in the lead.
Today's Crypto Market Fluctuations are Biggest of 2019
Other altcoins experience positive market fluctuations are Maker, gaining 7.7%, as it gets to $550 ( its 2019 peak), Bitcoin cash gaining 7% – reaching $130, Litecoin gaining 11.8%, and Bitcoin gaining 8.25% this morning as it heads towards $3,930. This Bitcoin progression finally shows some bullish inclinations, as it is the highest price in the past month.
Other market movements involve MKR surpassing NEM, Neo and Ethereum Classic both take the 16th position.
The only coin to do better than Ethereum in the leading 50 coins during this rally, happens to be Bitcoin Gold, with a 13.5% growth. Bitcoin Gold’s growth outperformed Ethereum’s by 2%.
There is generally an upward movement for the top 10 coins as a result of this market rally.
In the top 100 coins, WAX and Ark have done considerably well, having growths of 40% and 30% respectively.
On the downside, coins such as NEM, Tezos, NEO, Tron, IOTA and Dash, hardly budged during the recent market rally. Sadly, Aurora dropped by 3%.
The dominance of the massively adopted Bitcoin has reported a 51.8% drop.
Notwithstanding Ethereum’s loss of $16 billion off it market capital value on the 10th of January this year, It has peaked with a $26 billion volume traded today, and attained a $126 market capital total.
Ethereum is certainly leading the pack at the moment, with its recent gains stirring a bullish market. Regardless of this recent bullish trend, we are still in an overall bearish market for crypto.