It looks as if the primary cryptocurrency markets have finally reclaimed some of their lost momentum over the past few days. Both Bitcoin and Ethereum had seen a fair bit of sideways trading action, yet both note small price gains right now. This is good news for people keeping an eye on the Bitcoin price and Ethereum price respectively. Do not be mistaken in thinking big gains are on the horizon by definition, though, as the price differences are still pretty modest.
Bitcoin Price Moves up, Ethereum Price Follows
Although both Bitcoin and Ethereum are as different from one another as a bear and a giraffe, the currencies seem to follow similar patterns when it comes to price movements. Whenever the Bitcoin price is going up ever so slightly, there is a good chance the Ethereum price will do exactly the same. If the markets turn sour, so will these two trading pairs. One cannot deny this trend is visible for everyone to see, even though this correlation shouldn’t even exist in the first place. Then again, cryptocurrency markets define their own rules, that much is evident.
For the Bitcoin price, the small nudge comes in the form of a 1.63% gain over the past 24 hours. It is far from spectacular, but given the near week of sideways trading, it’s a good a move as any. This move is the result of just over $1.8bn in trading volume over the past 24 hours, which is a fair bit lower than some people would expect. All cryptocurrency markets suffer from this lack of trading volume, though, which is somewhat disconcerting.
Most of the trading volume for Bitcoin stems forth from altcoin markets, which means there could be some wild fluctuations in the coming hours. Poloniex’s XRP/BTC market leads the pack, followed by BTC/USD on Bitfinex and MCO/BTC on Bittrex. Other fiat currency pairs in the top 10 include Bithumb’s KRW marker, the BTC/USD pair on GDAX and OKcoin’s BTC/CNY market. Not the most impressive list by any standard, but it still results in some minor gains regardless.
Interestingly enough, the ETH/BTC market is only ranked as seventh in the top 10. Despite ETH making some interesting gains, the Ethereum price increase is not necessarily a result of Bitcoin holders converting into this altcoin. Instead, fiat currency traders are flocking to Ethereum right now, with only two BTC-related trading pairs in the top 10 ranked by 24-hour volume. Pretty impressive, to say the least, although it remains to be seen if this 5.5% gain can be maintained in the coming hours.
Speaking of the Ethereum markets, Korea and China are doing their fair share of the world. Bithumb, OKCoin, and Coinone all end up in the three, although Bithumb has almost as much volume as the second and third exchange combined. It is possible this is yet another ‘pump of the day” scheme originating from this exchange, but we will have to wait and see how things unfold in the coming hours. With only 6 ETH/BTC markets in the entire top 20, things are looking good for Ethereum right now, though.
All things considered, we may see some more Bitcoin price and Ethereum price action later today. For now, both markets are making a small impact, while everyone else is anxiously waiting if Monero can solidify the uptrend, although that seems highly unlikely at this point. All exchanges have turned sour on XMR for the time being, but one never knows what may happen in a few hours from now. All eyes will be on Bitcoin and Ethereum right now, though, that much is evident.