The cryptocurrency market has recorded additional gains of more than $40 billion in 2 days as leading cryptocurrencies such as bitcoin, ether, Ripple and Bitcoin Cash added gains in the range of 5 to 10 percent.
On July 3, Ripple (XRP), Bitcoin Cash (BCH), EOS, and Cardano (ADA) were the best performing cryptocurrency. Cardano recorded a daily increase of 16 percent while EOS recorded a 13 percent increase in value. All of these major cryptocurrencies have done relatively bad against the US dollar and Bitcoin in the past few weeks.
As of July 3, the volume of bitcoin was still above $4.6 billion and the volume of Ether has steadied at the $1.7 billion region. The volume of Bitcoin Cash and Ripple have almost doubled since last week.
Earlier one, even in strong recovery rallies, analysts note that as a result of the low volume, despite the positive momentum indicators, oscillators, and moving averages, the cryptocurrency market could not maintain a firm base to increase in value. This week, the cryptocurrency market witnessed a strong growth in volume and two stable days in terms of value and volume, making investors become more positive in relation to the short-term trend of cryptocurrencies.
The volume of Tether (USDT) has also recorded a significant drop from its yearly high at $4.5 billion made on July 1, indicating that more investors are trading crypto-to-crypto rather than crypto-to-stablecoins, which was the scenario throughout the past month amid a strong decline.
Small cryptocurrencies and tokens will possibly be the main beneficiary of the recent increase in volume and price in the days to come. Currently, tokens such as Aelf (ELF), Gifto (GTO), Aeternity (AE), Bluzellle (BLZ), and Ethos (BQX) made 10 percent gains as opposed to bitcoin, which made a strong 5 percent gain of its own.
Most cryptocurrencies have recovered their daily trading volume. On the other hand, the volumes of small cryptocurrencies and tokens continued to be substantially low, a change in pattern in the following days will lead to the increase in volume for small cryptocurrencies.