This week started with a positive note for cryptocurrency with increases across the board. All the top 20 cryptocurrencies jumped, as Bitcoin enjoyed a 2 percent boost to get things started.
Bitcoin’s November Rally
Bitcoin was among the many cryptocurrencies that experienced a widespread growth at the start of the week. In Bitcoin’s case, it came extremely close to hitting the $6,400 mark, and though it didn’t look as though it would make it by Monday’s close, it finally edged beyond the milestone. This was good news for the cryptocurrency, which continued its loss trend from October 29 through 31, fizzling its way to the end of that month.
November has gradually turned things around, bringing Bitcoin back to an upward direction, even if it is tiptoeing along. That said, Monday brought the digital currency a hefty 2 percent jump it has sorely needed.
Joseph Young, crypto commentator, posted a Tweet on Monday in which he highlighted Bitcoin’s comparatively higher trade volumes.
The volume of Bitcoin hovered at around $3.1 billion throughout the past week.
As of November 5, the volume of BTC remains above $4.4 billion. The last time the volume of BTC was this high was mid-September.
Trading activity in the crypto exchange market is generally increasing
— Joseph Young (@iamjosephyoung) November 5, 2018
On Monday, they sat around the $4.4 billion mark, according to CoinMarketCap (C.M.C.). Historical data from C.M.C. illustrates a growth trend in B.T.C. trade volumes. In October, they remained essentially sedentary at around $3.2 billion to $3.6 billion, not including the October 15 market rally when volumes temporarily skyrocketed to nearly $7.4 billion.
Bitcoin started the week up by 2.2 percent and at a monthly loss of about 3.3 percent. Ethereum, on the other hand, started this week with even greater strength. Among the top ten digital coins, it had the strongest 24 hour performance to begin the week. Its growth as closer to 5 percent in the first 24 hours of trade, just narrowly missing $210. That top altcoin has seen a new trend of positive performance after having suffered a strong price drop over October 10 and 11, and far more gradual losses since then.
At the time this article was written, Ethereum was up 8 percent for the week, while being down 7.7 percent for the month so far. The rest of the top 20 cryptocurrencies all saw positive figures, the majority of which fell within the 1 percent to 3 percent range. DASH was the second strongest performer after Ethereum, having reached nearly 5 percent at $168.