Cryptocurrency Market gained an impressive $40 Billion in Last 48 hours after facing a bearish trend for a week.
This bearish trend was strong mainly attributed to the Bithumb’s Hack of $31 Million. Major Cryptocurrenies like bitcoin, ether, Ripple, and Bitcoin Cash are experiencing a correction upto 5 to 10 percent.
XRP, BCH, EOS, & Cardano Got The Best Gains
Ripple (XRP), Bitcoin Cash (BCH), EOS, and Cardano (ADA) have been the best performing major digital assets on July 3. Cardano recorded a daily increase of 16 percent while EOS saw a 13 percent rise in value. All of these major digital assets have performed particularly poorly against the US dollar and bitcoin over the past few weeks.
Previously, even during strong corrective rallies, analysts have earlier stated that, due to the low volume, the cryptocurrency market cannot find a firm base to surge up in value. This week, the cryptocurrency market saw a solid increase in volume and two stable days in terms of value and volume, leading investors to gain some more optimism regarding the short-term trend of digital assets.
Volumes Coming Back?
The daily trading volume of most cryptocurrencies have rebounded as well. While the volumes of small cryptocurrencies and tokens still remain substantially low, a change in trend in the next few days will result in the rise in volume for small digital assets.
Amid a recovery period, Coinbase, the world’s biggest cryptocurrency exchange and brokerage officially launched its first crypto custodianship, namely, Coinbase Custody, providing institutional investors and large-scale investment firms a platform and channel to invest in digital assets like bitcoin with robust infrastructure and storage.
As investment firms and retail traders develop optimism towards the short-term future of the cryptocurrency market, major digital assets will continue to rise in value. Still, in the mid-term, another minor correction should not be disregarded as there exists a possibility the crypto market moves to the upside too quickly based on the current trend.