Bitcoin Cash Volume Increases By 7x to $1.4 Billion
Cryptocurrencies including Ethereum, Bitcoin Cash, and Litecoin have increased by more than 5 percent in value within 24 hours.
The cryptocurrency market is showing signs of recovery as the daily trading volume of large digital asset trading platforms has increased over the past week.
The volume of Bitcoin, led by a surge in volume in the cryptocurrency exchange market of South Korea and the BTC-to-KRW trading pair, increased from $3.1 billion to $4.4 billion within a span of seven days, increasing by 44 percent.
Bitcoin recorded just 1 percent increase in its price and a minor price movement was expected. This is because of the fact that BTC has demonstrated its highest level of stability in recent years throughout the past three months.
For BTC to demonstrate a 5 to 10 percent in value in the current phase of the market, a major catalyst or a driving factor will be required.
While BTC has maintained a sideways market, other major cryptocurrencies like Ethereum and Bitcoin Cash have increased significantly in value over the last 24 hours.
Bitcoin Cash has seen an increase of seven percent in volume from less than $200 million to $1.4 billion. BCH has surpassed the peak volume Ripple (XRP) achieved in early October when its price tripled.
Ethereum also recorded a gain of 4 percent to $208, successfully breaking out of the $200 resistance level.