Cryptocurrency Market Hits One-Week High as Volumes Spike 38%; Bitcoin Cash Jumps 10%

The cryptocurrency market booked solid gains on Monday, as coin values and trading volume reached their highest levels in a week.

Market Update

With the exception of Tether’s USDT stablecoin, all major cryptocurrencies in the top-ten reported gains. In percentage terms, bitcoin cash was the strongest performer, rising more than 10% to a high of $804. That was BCH’s highest reading in nearly a month, according to CoinMarketCap.

The value of bitcoin reached a high of $6,691 Monday for a gain of nearly 5%. At press time, BTC/USD was trading at $6,674 on daily trade volumes of $4.6 billion. As Hacked previously reported, the $4 billion volume mark is closely associated with uptrends for the bitcoin price. Bitcoin is now eyeing resistance between $6,800 and $6,900, which is the upper end of last weekend’s rally.

Ethereum also notched one-week highs with gains of more than 5%. The second-largest cryptocurrency by market cap was last seen trading just above $476. The clean break above $450 is an encouraging sign for the bulls, who continue to target $500 as a critical inflection point for ETH/USD.

Ripple XRP showed positive momentum Monday as prices rose to fresh one-week highs. The so-called “banker’s cryptocurrency” is up 6.1% at $0.474. Ripple has been in the spotlight for all the wrong reasons lately as the San Francisco-company fends off another lawsuit claiming XRP is a security.

Market Sentiment Improves

A sudden shift in investor sentiment underpinned the market’s $20 billion gain on Monday. That shift was fueled by reports that BlackRock, the $6.3 trillion asset manager, is exploring entry into the cryptocurrency market.

Sometime over the past 12 months or so, the company has gone from vilifying crypto to treating it as a potential value driver. According to CNBC, BlackRock has been researching cryptocurrency since at least 2015.

At the time of writing, the total cryptocurrency market was valued at $270.5 billion. It notched $271 billion earlier in the day, the highest in seven days.

Trading volumes shot up 38% to $14.2 billion, with Binance and Huobi each processing more than $1 billion in transactions.

Coinbase – a company betting big on firms like BlackRock entering crypto – has also been a source of optimism after it announced Friday that it has short-listed five coins for future consideration. The five coins in question are Stellar (XLM), Cardano (ADA), Zcash (ZEC), Basic Attention Token (BAT) and ox (ZRX).

Coinbase remains non-committal about whether it will eventually add these cryptocurrencies to its exchange listing. However, their mention was enough to spur double-digit percentage gains early Saturday.

Disclaimer: The author owns bitcoin, Ethereum and other cryptocurrencies. He holds investment positions in the coins, but does not engage in short-term or day-trading.

Featured image courtesy of Shutterstock.

Author:
Chief Editor to Hacked.com and Contributor to CCN.com, Sam Bourgi has spent the past nine years focused on economics, markets and cryptocurrencies. His work has been featured in and cited by some of the world's leading newscasts, including Barron's, CBOE and Forbes. Avid crypto watchers and those with a libertarian persuasion can follow him on twitter at @hsbourgi