Cryptocurrency market has gained $20billion over the past 24hours, seeing bitcoin and etherium increased by 6 percent and 4 percent respectively, as well as ripple,litecoin and EOS all rose by 4 percent.
According to Zhao the founder of Binanace “it’s very pleasing to see volume returning across the board” daily trading has decline enourmously since the drop of crypto to $7,000 earlier this month, the current news will now see an increase in daily trading volume.
Behind bitcoin is storm, storm is an etherium-based blockchain platform,that gives incentive to users, storm increase tremendously by 170 percent, as it stands storm is the second most liquid cryptocurrency in the global market just behind bitcoin, having a trading volume of $2.3 billion, storm’s major trading volume is generated by Upbit, A south Korean cryptocurrency exchange, it’s the fifth biggest cryptocurrency exchange in the world.
For several months, throughout January and February, volumes on South Korean cryptocurrency exchanges remained low. During the correction, many investors within South Korea, especially speculators and weak hands, were damaged by the sharp decline in most major cryptocurrencies.
Consequently, analysts predicted the cryptocurrency market in South Korea to take at least three to four months before it can recover. But, positive media coverage of public figures such as Peter Thiel, Twitter CEO Jack Dorsey, and billionaire investor Alan Howard led the local market to recovery swiftly.
If the expected daily trading volume can be maintained, in no time the market will recover it loses, it’s been a sick market over the past few days as all major cryptos daily volumes decline, the price of bitcoin dropped from $9,000 to $8,500.
An expert in financial market Aaron Brown stated that the demand for bitcoin has been indifferent, price movement have being linear. volatility seems to be about equal across exercise prices.