Pending demand in the cryptocurrency market has finally played a role. In the past few days, the market turnover reached a historic high of $ 89 billion, with Bitcoin turnover now accounting for only 40% of this figure. Some cryptocurrencies have risen in price two or more times.
According to the agency Bitwise Asset Management, at the 10 largest cryptocurrency sites turnover increased from $ 300 million to $ 1.7 billion. However, the problem is that some exchanges were caught in an artificially high amount of money. Therefore, some experts cast doubt on the data.
At the end of 2018, a number of cryptocurrency trading platforms were suspected of overstating volumes. They, through affiliates, made purchases and sales with zero commissions.
However, there are sites whose turnover is not in doubt. For example, the Chicago CME Commodity Exchange. Here, a big jump in demand was also recorded. If earlier here during the day they were trading contracts at about 2000BTC, now this figure has risen to 12000BTC. That is, the price jump caused a six-fold increase in Bitcoin turnover.
Moreover, the search engines recorded a sharp surge of interest in cryptocurrencies. In Google, Bitcoin came out in the second place; over 45,000 users searched for it in 24 hours.
It is noteworthy that the wave of demand captured not only Bitcoin but also other cryptocurrency assets. If the most popular token went up by about 20%, then the bitcoin cache grew by 120%. Among the growth leaders, experts say lightcoin, ethereum, and EOS.
In the first week of April, the capitalization of the cryptocurrency market increased to $ 180 billion. This is much less than the historical maximum but very close to the pre-crisis level of the autumn of 2018.
It looks like winter's cryptocurrency is really over. Now there are only about 2,000 different cryptocurrencies, of which Bitcoin occupies about 50% of the total capitalization. And almost all tokens for the last week showed a significant increase. The exception was only a few stablecoins, but their price drop was a few tenths of a percent.
According to experts, the rise of the rate occurred as a result of pent-up demand. The market waited long enough for the active price increase to begin. And as soon as the first signals appeared, buyers stepped up their activities.
The breakthrough of Bitcoin prices above $ 5000 occurred after the simultaneous purchase of 21,000 coins, totaling about $ 100 million. This event was the trigger for the process.
Experts are sure that while Bitcoin price was at minimum values, major players accumulated liquidity through purchases on the OCT market. As soon as the volume was sufficient, they triggered the “detonator”.
And here the fact that it was launched through three deals on Coinbase, Kraken and Bitstamp is important. Major players are no longer afraid to work on cryptocurrency exchanges. Although regulators require more stringent rules, current control methods are already quite safe for a large investor.