The cryptocurrency market has been relatively stable in recent weeks. During the first three days of this week, however, the market finally ended its tranquil days as it continuously edged up higher eventually gaining $14.2 billion in value over three days. However, the market failed to sustain this upward trend and is now retracing some of those gains.
The entire cryptocurrency market was valued at $206.7 billion as of 8:32 a.m. on Sunday, November 4, 2018, based on data from CoinMarketCap. However, the market started to inch up higher on Sunday night and, for the next three days, was able to sustain its upward momentum. Eventually, it created a new monthly high as the total market was valued at $220.9 billion by Wednesday, November 7, 2018, at 8:32 a.m.
This represents a $14.2 billion increase during the three-day period of upward movement. To put it in percentage, the market expanded by more than 6.8 percent in just three days.
The trading volume of major cryptocurrencies also rose during the three-day period. In fact, trading volume of the entire cryptocurrency market rose to around $13 billion, a substantial $3 billion increase from the previous average of around $10 billion.
The transaction volume of major cryptos also rose sharply during the same period. Bitcoin's 24-hour trading volume, for instance, rose from around $3.6 billion on November 4 to around $5 billion on November 7. The coin's price also climbed higher from around $6,300 on Sunday to a high of $6,551 on Wednesday at 11:34 a.m.
Ripple's 24-hour trading volume, on the other hand, rose sharply from around $400 million on November 6 to its peak of $1.4 billion as of 11.24 p.m on November 6, 2018. Price-wise, the coin rose to around $0.53.
Unfortunately, the market was not able to sustain the upward trend for long. As of this writing, the market's total cap has fallen to $215 billion while Bitcoin fell to $6,421 after failing to sustain its assault on the $6,500 resistant level.
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Mark Jason Alcala is a journalist who is passionate about cryptocurrency, technology, and manga. He holds a BS Physics degree but decided to pursue a banking career that lasted for almost two decades. Recently retired, he is now rediscovering his passion for writing and has written for various publications such as the Inquisitr, Yibada, GamenGuide, MoviewNewsGuide, and Blasting News.
Infinitely curious and inquisitive, Mark has written articles that cover a diverse range of topics such as science, health, business, gadgets, games, manga, anime, tv, celebrities, and politics. After learning a bit about cryptocurrencies and the blockchain technology behind them, he is now hooked on these digital assets and their potential to uplift everyone's quality of life.
11/08/2018 / 16:44:32 Source: blokt