Bitcoin has rallied lately. On Wednesday, the price reached around $8,500, but since then it has pulled back slightly. Despite that, bitcoin is up around ten percent in the past week.
According to Mati Greenspan, a senior market analyst at the trading platform Etoro, it was primarily traders in Japan and South Korea who caused the rally by providing a surge of volume.
“According to the volume on exchanges, it seems clear that the rally is being led by East Asia. The US dollar had a spike as well but it was much more focused. Meaning that the Americans only participated during the extreme part of the surge and less in the before and after party”, Greenspan wrote in a comment to CCN.
“It seems clear that the rally is being led by East Asia”
However, the Americans were indeed involved in the rally. According to trading data from the exchanges CME and CBOE, $572 million in bitcoin futures were traded during Tuesday.
Bitcoin futures hit record volume of 12,878 contracts on Tuesday, equivalent to 64,390 bitcoins with a notional value of $530M. Learn more about #Bitcoin futures. https://t.co/AIsPztBU6V pic.twitter.com/7RIRL2qZ3A
— CMEGroup (@CMEGroup) 25 juli 2018
Compared with the global crypto market, which had a volume of $7.7 billion, that might not seem like much. However, the increase in futures contracts trade can still indicate that Wall Street is increasingly beginning to penetrate the crypto market, CCN writes.
Stellar soars
If we look at the largest cryptocurrencies, they all show green numbers in the last 24 hours. Eos (+2,18%), xrp (+2,36%) and ethereum (+1,88%) have performed the best.
It is also noteworthy that stellar (+9,50%), the world’s sixth largest cryptocurrency, has soared sharply lately. In fact, the cryptocurrency was one of those who performed the best on top 100 in the past 24 hours. At the moment there appears to be no news that can explain the rise.
The cryptocurrency that performed the best was stratis (+14,03%). And the ones who performed the worst were gxchain (-12,59%) and kin (-7,08%), according to Coinmarketcap.
| Asset: | Price: | % (24h) |
| Bitcoin | $8 246,80 | +0,33% |
| Ethereum | $481,14 | +1,88% |
| Xrp | $0,464773 | +2,36% |
| Bitcoin cash | $849,01 | +0,87% |
| Eos | $8,73 | +2,18% |
