Cryptocurrency Market Sees $40B Launch in Two Day Period
After major cryptocurrencies reported new gains reaching up to ten percent, the digital asset markets have seen a massive boost of over forty billion dollars in the span of two days. Bitcoin, Ripple, BCC and Ethereum announced boosts of five to ten percent.
Cadano, BCC, Ripple and EOS have cemented themselves as the strongest performing cryptocurrencies as of today, with gains ranging from 13 to 16 percent following a weak performance against the United States dollar as well as Bitcoin.
As per reports, the unpredictable jump in Bitcoin and Ethereum acted as a supportive push to the digital market, boosting the entire crypto-economy including leading cryptocurrencies and minor ones. Nearly doubling in volume since the previous week, Bitcoin has established itself well above the $4B marker and Ethereum has followed, settling at $1.7B.
Investors have shown a hopeful attitude regarding the volatile nature of digital assets due to the sudden spike in cryptocurrency value within a forty-eight-hour window. Many smaller cryptos are expected to gain the most out of the recent boost, with assets like Aelf and Bluzelle reporting increases of up to ten percent.
Due to the sudden surge, cryptocurrency trading volumes have made a comeback. As many minor assets continue to float at a low volume, a reversal is expected within the coming days and many smaller assets will see a boost of their own.
Coinbase, which owns and operates the world largest asset exchange platform, has also announced the launch of its new digital custodianship which aims to act as a secure and stable network for major firms to invest and store digital assets.
Leading digital currencies will continue to rise in value and volume, despite the possible short-term trend of the current market. Investors remain hopeful that the trend will continue, although given the unsteady nature of digital assets, the trend might be short-lived.