Another day of trading is in the history books and things continue to look rather positive for Bitcoin and other cryptocurrencies. More specifically, Bitcoin continues recording small gains every day, as does Ethereum. Other currencies such as Bitcoin Cash are still taking a beating, however. All things considered, cryptocurrency continues to gain momentum as we speak. If this trend keeps up, a total market cap of US$150b could be reached before the end of the month, especially if NEO continues its bullish trend.
NEO Price is Gaining Quickly
It is always interesting to see the Bitcoin price move up even though the increments are fairly small for the time being. With a daily gain of 2.5%, Bitcoin hasn’t moved all that much. However, it seems yesterday’s downturn has been taken care of successfully, mainly thanks to a growing 24-hour trading volume. Speaking of which, Bitcoin had just over US$1.3b in trading volume, which is quite significant. That doesn’t make it the most-traded cryptocurrency of the moment, though.
Instead, that crown belongs to none other than Ethereum. We have already seen the popular altcoin surpass Bitcoin’s trading volume on multiple occasions in the past. It doesn’t mean all that much, though, considering that the Ethereum price gained just 2.79% in the process. Increases in trading volume lead to higher prices in nearly every case, but there’s no reason to get overly excited about ETH right now either. The Ethereum price has been trying to stabilize around the US$300 mark, but that is much easier said than done right now.
Other top cryptocurrencies showing positive signs of life include NEM, Dash, and NEO. The latter currency is particularly remarkable, as it is the third time NEO has noted a 30% gain within a 24-hour period. The currency is now valued at US$25 per coin, which is pretty solid. Less than a year ago, that currency was worth under 20 cents, mind you. A 125-fold value increase for the crypto formerly known as Antshares is quite spectacular, to say the least. Very few currencies can claim similar gains over the past 24 hours; that much is evident.
Speaking of NEO, it is worth mentioning that the majority of its trading volume originates from the Bittrex exchange. It is one of those valuable altcoins which aren’t even listed on Poloniex right now. Instead, it has seen heavy trading volume in Chinese Yuan markets on Yunbi and Jubi. It will be interesting to see how things evolve as far as NEO is concerned. Do keep in mind that there are a total of 100 million coins available, but only half of those are in circulation right now. There is still plenty of room for speculation regarding the “Ethereum of China“, to say the least.
Going back to the Bitcoin price, it is evident that reaching and surpassing the US$3,500 mark will be a bigger challenge than originally anticipated. Many experts had expected that value to have been reached days ago, yet it has still not happened. No one is in a rush to see Bitcoin hitting US$3,500, though, as the year 2017 has been one major uptrend for Bitcoin so far. Moreover, setting another all-time high too soon could lead to more negative pressure on the markets as well. A lot of people want access to cheap bitcoins; that much is evident.
It isn’t entirely surprising to see the NEO/BTC market on Bittrex generating most of Bitcoin’s trading volume right now. The Bitcoin price has certainly been benefiting from altcoin trading volume lately. Fiat currency markets are a bit behind the curve right now, with Bitfinex’s USD pair leading the charge. Other fiat currencies in the top 10 include KRW, CNY, and USD. There is no sign of the Euro trading pair in the top 10, which is a bit disappointing. Then again, the Euro market has never been too big on Bitcoin through traditional exchanges for some reason.