Cryptocurrency Market Notches Three-Week High as Majors Lead the Rally
The cryptocurrency market extended gains on Monday, with Ethereum and bitcoin cash leading a broad-based rally that has generated an influx of trading volume on major exchanges.
Crypto markets resumed their slow upward grind at the beginning of the week, with all major assets reporting gains over the last 24 hours. The total market capitalization of $212.5 billion is the highest since Oct. 16.
Daily trade volumes have picked up sharply since Friday, climbing nearly 30% to reach $14 billion. Turnover last month fell to the lowest level of the year as volatility fell across most major assets.
Bitcoin cash and Ethereum were the best performers among the top-10. BCH jumped 4.8% to $571, extending a sharp weekend rally. Ether’s price gained 4% to $208.63 after trading within a narrow range for most of last week.
The bitcoin price also advanced on Monday, climbing 1.1% to $6,427. The leading digital currency by market cap and trading volume accounts for 52.7% of the total market value.
Outside the top-ten, Dash rose 5.2% to $166.39 and has now returned 9% over the last week. IOTA climbed 3% to $0.4977. It too has outperformed the broader market on a week-to-week basis.
Bitcoin Cash Hard Fork
An anticipated hard fork of bitcoin cash has been the major catalyst of the most recent rally, as investors poured into BCH to maximize their receipt of new coins. The fourth-largest cryptocurrency by market capitalization began its upward trend on Friday, and has now gained a whopping 34% over the past seven days.
Binance, one of the world’s largest cryptocurrency exchanges, announced Friday that it will support the upcoming BCH hard fork, which is expected to occur Nov. 15.
“We will take a snapshot of all Bitcoin Cash balances at UNIX time 1542300000, 2018/11/15 4:40:00 PM (UTC),” the company said in an announcement. “Deposits and withdrawals of Bitcoin Cash will be suspended starting from 2018/11/15 3:00:00 PM (UTC).”
Crypto derivatives platform BitMEX recently unveiled a new monitoring tool for bitcoin and bitcoin cash, which allows users to track ongoing network upgrades of the two leading protocols. The monitoring tool can be found on ForkMonitor.info. The website is live at the time of writing.
As Hacked recently reported, BitMEX has emerged as one of the leading marketplaces for bitcoin. The platform currently processes more than 15% of BTC’s daily trade volume, according to CoinMarketCap.
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.
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