The overall cryptocurrency market capitalization increased by 6.37% since yesterday to stand at $1.54 trillion. Meanwhile, the total market volume lost 14% to $97.36 billion.
Wednesday’s first sessions had digital assets back in their upside movements after the slight halt. Crypto investors showed confidence to take most assets to their uptrends. All the cryptocurrencies in the top-ten chart traded higher today, led by BTC.
Meanwhile, the global market capitalization increased by 6.37% since yesterday to value $1.54 trillion. However, the total market volume dropped to $97.36 billion after losing 14%.
Earlier, the market received some shock after Amazon denied the claims about venturing into the crypto world. Keep in mind that the rumors that the E-commerce platform would allow BTC payments by December this year had BTC and most coins enjoying highs over the previous sessions.
Mudrex CEO Edu Patel declared that the slight consolidation experienced by the crypto market supported the incoming massive buying momentum.
Patel added that the breaching of the critical resistance zones by Ethereum and Bitcoin changed the market sentiments by activating buyers.
On the other news, WazirX, an Indian renowned crypto exchange, plans to launch its DEX. Nischal Shetty, the WazirX co-founder, declared launching the platform by next month.
Bitcoin Cash started this week with uptrends, adding 10% as its volumes magnified. That follows the rally that Bitcoin saw over the past weekend. While writing this, BCH trades around the $500 mark after increasing 20% weekly.
Developers created Bitcoin Cash in 2017 as a BTC fork. BCH has better latency, increased block size. Moreover, it can facilitate more transactions every second compared to Bitcoin. However, the two assets share a similar consensus model.
Bitcoin Cash hit the $384.26 low in the previous week. The coin secured support around its last month’s lows at $387.33. After that, it rose with a ‘high top high bottom’ formation. BCH surged by around 35% to $518.
The coin saw profit booking around this zone as it faced massive resistance from $510 – $545 several times over the previous sessions. For now, Bitcoin Cash will have to close over $545 to ensure an increased rally.
The current positive sentiments in the market see BTC and altcoins enjoying new highs.