Instead, that crown belongs to none other than Ethereum. We have seen the popular altcoin surpass Bitcoin’s trading volume on multiple occasions in the past. It doesn’t mean all that much, though, considering how the Ethereum price only gained 2.79% in the process. Most trading volume leads to higher prices in nearly every case, but there’s no reason to get overly excited about ETH right now either. The Ethereum price is 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. Especially this latter currency is quite remarkable, as it is the third time NEO notes a 30% gain in a 24-hour period. The currency is now valued at US$25 per coin, which is a pretty solid value. Less than a year ago, that currency was worth under 20 cents, mind you. A 125-fold value increase for NEO 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 the majority of its trading volume originates from the Bittrex exchange. It is one of those valuable altcoins which isn’t even listed on Poloniex right now. Instead, it seems some heavy trading volume in Chinese Yuan markets on Yunbi and Jubi. It will be interesting to see how things will evolve as far as NEO is concerned. Do keep in mind 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.
Back to the Bitcoin price, it is evident reaching the US$3, 500 value and surpassing it is a bigger challenge than originally anticipated. Many experts expected that value to be reached days ago, yet it has still not happened. No one is in a rush to see Bitcoin hit US$3,500 either, though, as the year 2017 is one major uptrend for Bitcoin so far. Moreover, setting another all-time high in quick succession 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 generate most of Bitcoin’s trading volume right now. The Bitcoin price benefits from altcoin trading volume as of late, that much is evident. 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.
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Original Author : Jdebunt
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