The cryptocurrency market is finally rising up from the ashes witnessed barely a month ago. A clear sign is forming with the rising daily trading volumes in an up-trending market, which gives a very bullish signal on the crypto market. The rise in price seems to be directly impacting the price of exchange tokens as more trading volume is registered.
Over the past 24 hours, the price of Binance Coin (BNB), OKEx coin (OKB) and Huobi (HT) –three of the largest exchanges in trading volume – against the dollar have each soared over 4% leading the market in its current uptrend.
Boost in trading volumes in the past week to $120 billion
Since the crypto market hit a record high of hitting a record high of $270 billion on Mar. 12, the volumes dropped significantly to sub-$100 billion levels in the last few days of March. The opening of Q2 2020 is setting turning a new leaf on the market as the volumes increase steadily –registering $120 billion in the past 24 hours.
Bitcoin's spot volume picking up, bullish. pic.twitter.com/ekhnPM7BnS
— Panama Crypto (@Panama_TJ) April 3, 2020
The steady boost in crypto volumes has seen the price of exchange tokens such as BNB, HT, and OKB lead the market in the past day.
BNB, OKB, HT lead the market run
BNB trades at $13.76, representing a 4.59% soar in the past trading day. This set the coin at the ninth position on the Coinmarketcap with a total market capitalization of $2,149,991,237.
Huobi Token (HT) and OKEx Coin (OKB) grew by 4.56% and 4.97% in the past 24 hours to trade at $3.66 and $4.70 respectively. HT holds the 15th position on the grid with a total market cap of $829,084,178; OKB’s market cap stands at $281,845,314 holding out at 29th largest cryptocurrency.
Stimulus for crypto?
A number of investors have expressed their willingness to invest in crypto using the recently disbursed financial stimulus in the U.S.
How are you planning to use your $1200 stimulus check?
— Girl Gone Crypto (@girlgone_crypto) April 3, 2020
In a poll posted on Twitter, by crypto media personality, Girl Gone Crypto, whereby over 3000 people participated, Bitcoin was the most popular choice garnering 65% of the vote with savings and paying bills coming in close.
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Been in the field since 2015 and he still love everything blockchain and crypto! FC Barcelona fan. Author and journalist. Follow him at @lujanodera.