Although a slow-moving bear market has dominated crypto markets for several months, the last few days seem to be offering optimistic news for the virtual currency space. During the last 72 hours, major digital currencies improved their performance and started a positive momentum northwards. This is quite bullish for the market because, during the last months, the price of the world’s number one virtual currency,
Bitcoin (BTC), remained relatively stable.
BTC has experienced a trading volume growth of over
30% during the past days, moving from US$3.1 billion to US$4.3 billion dollars. The overall valuation of the cryptocurrency market has also increased from $10 billion to $13 billion.
At press time, Bitcoin was down 1.38% over the past 24-hours trading period at US$6537.50 on
Einstein Exchange.
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B Cash (BCH) is one altcoin that has seen plenty of action over the past few days. This may be do, in part, to a major announcement that on November 15
th BCH will experience a
hard fork. Investors appear to be betting on a fast money play to benefit from the chain split that could happen that day. Users will receive the same amount of coins in the new chain as they have in BCH.
At the beginning of November, B Cash was trading close to US$420 dollars. Since then, it jumped to US$630 dollars -- an increase of 50% in just a few days.
It’s also important to note that the
U.S. Securities and Exchange Commission (SEC) may soon approve a new
Bitcoin Exchange-Traded Fund (ETF). If that happens, new institutions would ostensibly have easier access to the BTC and cryptocurrency market.
When the first gold-ETF was approved 15 years ago, the price of the precious metal experienced a significant increase.
