Bitcoin Records 6% Increase as Cryptocurrency Market Jumps $20 Billion

Over the past 24 hours, the cryptocurrency market has gained $20 billion, as major cryptocurrencies bitcoin and Ethereum recorded solid gains. Bitcoin increased by more than 6 percent, while Ethereum, EOS, Litecoin, Ripple, and Bitcoin Cash rose by around 4 percent.

Volumes are Back

Changpeng Zhao, the founder and CEO at Binance, the world’s largest cryptocurrency as demonstrated by cryptocurrency market data provider LiveCoinWatch below, noted that volumes across most major cryptocurrency exchanges are back, signaling an increase in demand for cryptocurrencies.

Zhao stated, “good to see volumes are returning across the board,” as the cryptocurrency market began to demonstrate a large increase in daily trading volume, which has been relatively low ever since the price of bitcoin dropped to the $7,000 region earlier this month.

Storm, an Ethereum-based blockchain platform that incentivizes users for carrying out micro tasks, was the best performing cryptocurrency of the day, as it increased by around 170 percent. Currently, Storm remains as the second most liquid cryptocurrency in the global market behind bitcoin, with a $2.3 billion trading volume.

The vast majority of Storm’s daily trading volume is generated by Upbit, South Korea’s second largest and the world’s fifth biggest cryptocurrency exchange, which recently listed Storm on its platform. The South Korean cryptocurrency market has been leading the recent rally of Storm.

ICON, better known as South Korea’s Ethereum, also experienced a massive surge in value after Bithumb, the country’s largest cryptocurrency exchange, listed it last week…

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