The crypto market is on fire.
For the last two days, good things have been happening to the market, with the majority of cryptocurrencies scoring impressive gains. Bitcoin, being the largest and most valuable of them all, has posted good records especially in terms of trading volume.
For starters, Bitcoin traders using the local trading platform known as LocalBitcoins have quadrupled their trading volume over the last few days, bring the weekly volume to a cool $31.5 million. That’s a four-fold jump from the $8.4 million of the previous week. The $31.5 million represent the figures recorded for the week ending on February 16th, 2019.
Cruising To $4,000
Besides the increase in trading volume and market cap, Bitcoin has also scored some gains in price increase. Over the last two days, the leading crypto has seen a 7% price upsurge. At the time of this writing, Bitcoin trades at $3,918 with a 7.59% increase as shown on CoinMarketCap.
Given that $4k has been a major resistance point for Bitcoin’s price, a possible break-through would set the crypto on course to the $5k mark.
The Whole Market Is Green
One fact to note is that Bitcoin isn’t really the only cryptocurrency posting good price gains. In fact, Ethereum and other altcoins have also recorded some impressive price increases, with Ethereum alone gaining by a whole 10% within the last 24 hours.
One fact peculiar to ETH is that the crypto knocked out XRP from the second spot just the other day, thereby claiming its earlier position as the second largest digital asset by market cap. At the moment, ETH market cap clocks at $15.1 billion while XRP falls third at $13.2 billion. Since the markets turned green, the total cryptocurrency market cap has shot up by about $10 billion.