Crypto Watch: Bitcoin Cash and EOS See Biggest Price Boost in Top Ten
Only now are the altcoins starting to follow Bitcoin’s lead of recent days and record some little green numbers of their own; with Bitcoin Cash and EOS showing the highest margins of growth in the top ten.
Both BCH and EOS coins, positioned as neighbours at 4th and 5th spot in the market cap rankings, have recorded gains of just north of 7% over the past 24 hours. Both have outperformed Ethereum, and both will be the best of the top-ten’s performers for the day as long as Tron’s recent gains don’t push TRX past Tether and back into its former 10th place spot.
Bitcoin Cash spiked 11.8% earlier in the day, jumping from $778.65 to $871.47 within nine hours. That was also nine hours ago from the time of writing, and during that time the price has dipped again, settling around the low $850 range, leaving BCH with 9% net growth.
The daily volume for BCH increased by almost $300 million in the last day, at a time when the total crypto market volume returns to $20 billion after a long lull which saw the daily total fall to just $9 billion.
Unsurprisingly, the majority of the coin’s trades have come against Tether (USDT). Close to 30% of the daily trades are BCH/USDT, suggesting that many traders may have recently bought back into BCH when they saw the rise coming. BCH/BTC trades are only the fifth most popular, coming after three separate USDT pairs and a BCH/USD pair on Bitfinex.
As you can see from the EOS charts, progress has come in steps over the last 24 hours. From its lowest point today to its highest, EOS jumped 10.5% in value.
In the early hours of this morning EOS was sitting at $7.79 and tapering downwards. Then came the first upstep – carrying the price to $8.16. After a few hours came the second upstep, taking the coin price to $8.62. The same time period saw a 200% increase to the daily volume, rising from $300 million to $900 million.
In the last few hours the growth slowed as the coin price fell back down to the low $8.50’s – and has now dipped back into the $8.40’s.
Most of the week has been a downer for EOS, with the coin only starting to record clear growth in the last couple of days. A weekly high of $9.19 is still another good push away, but given the rate of today’s growth it might arrive sooner rather than later.
Similar to BCH, the vast majority of trades have come in the form of EOS/USDT pairs, with OKEx and Huobi being the most popular exchanges.
Featured image courtesy of Shutterstock.