Daily Volume Reaches New 2019 High in Monday Crypto Rally
Following a week of inactivity crypto markets are finally moving again this Monday. A rally which started a few hours ago has seen daily volume increase to $26 billion which marks a new high for 2019.
Ethereum is currently driving momentum across markets as it surges 11.5% from $123 this time yesterday to $138 at the time of writing. This has resulted in a market cap increase of almost $1.5 billion as ETH accelerates away from a lack luster XRP. The countdown to Constantinople is largely responsible for the momentum has network tech upgrades are generally bullish for the token. It has been suggested that the extension of the difficulty bomb will reduce supply reduction timeframe but at the moment Ethereum is leading the pack.
The only other altcoin outperforming Ethereum in the top fifty is Bitcoin Gold which has jumped 13.5% on the day. Maker is also still going strong adding another 7.7% on the day as it passes $550, its highest price in 2019. Coinmarketcap has adjusted its figures again which has seen MKR jump NEM, Ethereum Classic and NEO to take sixteenth place with a cap of $553 million.
The other altcoin making good progress during today’s rally is Bitcoin Cash adding 7% to trade at $130. EOS has not been able to take fourth spot back from Litecoin at the time of writing despite a gain of 3.8%. The gap between the two is tiny though, just $35 million, so it may not be long before these two swap places again.
Similar momentum has not been seen with Bitcoin which has only made 2.5% on the day as it broke resistance at $3,650 and headed towards $3,700. Bitcoin has reached its highest price since January 20, almost a month ago and signals are bullish in the short term.
There are a few altcoins not benefiting from the rally at all. Tron, IOTA, Dash and NEO, NEM and Tezos have barely moved over the past 24 hours.
Ethereum is clearly the dominant cryptocurrency at the moment. Total daily volume for the market has surpassed $26 billion for the first time in 2019. Total market cap is at $126 billion which is its highest level since January 10 when a big dump wiped out $16 billion in a day or so.
Things are looking bullish at the moment for most cryptocurrencies but the long term picture shows that we are still in the depths of a lengthening winter.