The Bitcoin bulls are more relentless than one might have predicted for the summer of 2019. At the beginning of the year, crypto-winter had bears calling bottom below $3000 and a prolonged crypto-winter in 2019. However, the prices have reversed handsomely to touch $8000 with altcoins gaining from the positive sentiments as well.
The break above $6000 levels was most surprising as bulls stretched the prices till $8000 resistance breaking instrumental Resistance & Support level near $6400 above $7000. These price surges were also triggered primarily during the trading hours of the Eastern Hemisphere. Reportedly, double-digit gains were recorded in cryptocurrencies from 0:00 to 4:00 Hours UTC during the last week.
South Korea Among Top 5 Currencies in FIAT-t0-Crypto Exchange
China was credited for the bull run unprecedented bull run. Analysts say that the traders might be motivated to exchange their Yuan with Bitcoins midst the US-China trade war. The sentiments about Bitcoin are also positive in other Eastern countries.
According to reports from Coinlib, the 24-hour volume from South Korean Markets is about $100 million. The volume from Japan is around $160 million and Chinese are around $321 million. The 24-hour reported volume in the US is around over $1 billion.
Furthermore, the volume of Tether is the highest with more than 60% of the market share. These can be divided arbitrarily between countries in through global exchanges.
Noticeably, the volume from China and Japan is greater, however, the volume reported for South Korea in the highest ever. Mati Greenspan, a Senior Market Analyst at eToro tweeted,
“South Korea is completely dominating this market. According to CryptoCompare the SK exchange BithumbOfficial is seeing the highest levels of fiat to crypto volume by far.”
The total market capitalization of Bitcoin is around $130 billion, which is comparatively less than other globally distributed assets. Therefore, the growing positive belief for Bitcoin around the world is driving prices from all geographical regions.
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Nivesh from Engineering Background is a full-time Crypto Analyst at Coingape. He is an atheist who believes in love and cultural diversity. He believes that Cryptocurrency is a necessity to deter corruption. He holds small amounts of cryptocurrencies. Faith and fear are two sides of the same coin. Follow him on Twitter at @nivishoes or mail him at nivesh(at)coingape.com