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Crypto Trading Volume Hits 9 Month High at $34 Billion

Martin Young by Martin Young
3 years ago
in Cryptocurrency news, EOS, Market Wrap
Reading Time: 2 mins read
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Market Wrap

Crypto markets still rallying; EOS and BCH running away with it, Cardano, Dash and ETC performing well.

The big crypto rally which began with Ethereum yesterday has continued today where a different top performer has emerged. Total market capitalization reached a high of $134 billion as a further $9 billion was added to yesterday’s pump.

Daily volume has not been over $34 billion since late April 2018 according to Coinmarketcap. This marks a huge 9 month milestone in crypto trading volumes and some analysts have predicted the beginning of what they term as ‘altcoin season’ where market cap for them alone reaches a pivotal resistance point on the long down trend line.

Bitcoin has approached key resistance at $4,000 before pulling back to current levels around $3,920. This represents a 5% gain on yesterday’s levels where BTC reached $3,750. Bitcoin has run out of steam in previous recent two-day rallies so it is not expected to break resistance.

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Ethereum has extended its lead over XRP by adding another 7% on the day to reach $147. The gap between the two is now just over $2 billion as Ripple’s token faces possible competition from JP Morgan’s new stablecoin. XRP added 5% on the day to reach $0.324.

Today’s top ten champion is EOS which surged 30% before pulling back to current levels around $3.60. It has raced past Litecoin and retaken fourth place with a clear margin of nearly $400 million. EOS volume pumped to over $2.3 billion pushing the token to a three month high. Bitcoin Cash is also performing well during the day’s Asian trading session as it adds double digits and approaches $150.

The top twenty is showing a more balanced round of gains with Cardano, Dash and Ethereum Classic leading the group here making over 8% since the same time yesterday. The rest are showing solid improvements from low levels over the past 30 days.

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Aside from EOS and BCH, big fomo is also going to Mixin at the moment pumping 17%. Holo is also getting a big hit with a 15% jump on the day. EOS is the top one hundred’s top performer though. Predictably yesterday’s pump is dumping today as WAX sheds 16% and Quant is not far behind dropping 9%.

Total crypto market capitalization has increased by 6.4% on the day and is currently just below $133 billion. The $8 billion injection is significant but the increase in daily volume to a nine month high of $34 billion could be signs of a continuation of this rally and possible trend reversal.

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Market Wrap is a section that takes a daily look at the top 20 cryptocurrencies during the current trading session and analyses the best-performing ones, looking for trends and possible fundamentals

Tags: 2019 highAsian trading sessionBCHeosltcmarket wrapvolume
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Martin Young

Martin Young

Martin is a Southeast Asia based info-tech, cyber security, and cryptocurrency analyst with 20 years working in web technology and media.

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