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Crypto Market Booms, Bitcoin (BTC) Well above $ 3,600
For the first time in what seems like a millennium, the cryptocurrency market has recorded stellar performances for two consecutive days. At the time of writing, for data compiled by Live Coin Watch, the aggregate value of all cryptocurrencies rose to $ 122.7 billion – an increase of $ 7.1 billion from Monday and an increase of $ 19 billion from the weekend average . Much of this shift in market capitalization can be attributed to the monumental gains of altcoins, catalyzed by an inflow of buy-side volumes ($ 9.8 billion of 24-hour volumes) with Bitcoin Cash (BCH) and Tron (TRX) which record double-digit earnings this would leverage envious investors.
Cryptographic activities were so good that the BTC market dominance fell to 53.14%, down from 54% yesterday. Regardless of this, Bitcoin has seen its fair share of bullish legs in the past day. After the range trading around $ 3,500 yesterday, the prominent cryptocurrency began to rise on Tuesday afternoon, rising from $ 3,500 to $ 3,640 in 30 minutes. And from that move, which took place about two hours ago, BTC has been on the upside, now finding itself above $ 3,700 on Coinbase, with the apparent intention to go higher.
At the time of writing this article, BTC has grown 5% in the last 24 hours, with this respectable increase supported by a trading volume of $ 6 billion.
However, not everyone is convinced that the so-called "relief rally" of the crypt will last. Stephen Innes, headquartered in Singapore, head of the Asia Pacific division in Oanda, recently noted that in the short term, cryptocurrencies could record lower lows.
Speaking with MarketWatch about it, the trader explained that "looking at the hand that [has been] "Oda expects cryptocurrencies to become" lower traders ", until investors can justify and determine the correct valuations, or in other words, the discovery of prices." Innes noted in particular that, with global markets " Southbound, the fact that "crypto-friendly investors have not been able to stabilize the action of BTC is a worrying sign.
In an interview with NewsBTC, Innes has doubled his belief that negative catalysts will lower prices for the time being. The Oanda representative specifically drew attention to government intervention as a concern for the underlying valuation model of the crypt. However, the industry commentator was not too bearish, as Innes explained that in the end, blockchain technology is expected to achieve global adoption, while also providing a "solid basis for cryptocurrencies".
Tron (TRX) requires 15%
In the midst of this market upturn, Tron, also known as TRX, has seen a strong move towards the top. At the time of writing, the popular currency rose by 13%, becoming the 10th most capitalized cryptocurrency in existence. And, curiously, unlike most other resources, there are fundamental reasons behind the sudden move of TRX.
Binance, for example, recently revealed that would be combining TRX to TUSD, an important step towards improving liquidity in cryptocurrency markets.
CEO Justin Sun, whose fruit is the Tronix project, recently brought to Twitter to report that Tron recently passed a key milestone in the network. This, as shown below, is the creation of 900,000 mainnet accounts, which comes just 178 after the project migrated from Ethereum to its native platform.
congratulations for #TRON mainnet accounts exceeded 900k in 178 days. #TRX $ TRX pic.twitter.com/H6TDt1ddKp
– Justin Sun (@justinsuntron) December 18, 2018
A few days before, the mainnet has exceeded 100 million transactions processed, which indicates that Tron has continued to see monumental levels of interest, despite the crypto-bear market. This is probably due to the popularity of the dApp offers on the network. This incredible milestone came a day after Tron set a new record of 2.64 million transactions in a single day. On that day, this sum of 2.64 million was presumably 9.6 times higher than the number of transactions processed on Bitcoin, 4.6x Ethereum, 4.1x XRP, 188x Tether and 264x Stellar.
#TRONThe new record of 2.64 million daily transactions compared to the Top 5 #crypto👇🏽#TRX 2,646,532 Txs volume is:
9.6 times more than #Bitcoin275,000 feet
4.6 x #Ethereumit's 567k
4.1 x #RippleThey are 633k
188 x #To tie14k
264 x #Stellarit's 10k#IAmDecentralized 🖖🏽#TronFOMO$ TRX pic.twitter.com/USVIQ6Jspf– Misha Lederman (@mishalederman) December 15, 2018
Bitcoin Cash (BCH) exceeds Tether, Litecoin
Tuesday's continuing market recovery saw that Bitcoin Cash (BCH), like Tron, behaves quite well on its own. As reported by Ethereum World News at the weekend, after last week's sell-off, the market capitalization of Litecoin (LTC) started to exceed that of BCH.
Now, however, BCH has exploded, recording a 24.55% return in the last 24 hours, passing above $ 110 for the first time in days. The capitalization of the resource has exceeded that of Tether (USDT) and LTC.
Title Image Courtesy of Drew Graham on Unsplash
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