The past week has been really hard on cryptocurrency markets, as the overall cryptocurrency market cap has suffered a major hit, losing over 25% of its total volume in six days. However, even as currencies lose their price and the market cap is on a steady decline, it appears that there still is a ray of hope amid these dark clouds. There has been a strong buying wave in almost all major cryptocurrency exchanges, as 24-hour trading volumes are surging, as indicated by coinmarketcap data.
When one takes a look at the top-10 cryptocurrency exchanges by trading volume, all of them are in green - and are witnessing a strong uptrend. Among the top 10, Coinbase Pro has witnessed the strongest surge, growing by over 380% in the past 24 hours. Bitfinex and Bitforex have both grown in excess of 100% and the top-ranking cryptocurrency exchange, Binance has also surged by 86%.
Binance has traded cryptocurrencies worth $1.4 Billion over the past 24 hours, and the second largest name in the markets, OXEx has traded in excess of a billion dollars as well. OKEx is also up by 50% over the past 24 hours. All of these statistics point at one thing: as the price of cryptocurrencies falls, investors are considering this as a good opportunity to buy cryptocurrencies. This further indicates that investors are still hopeful about the markets growing stronger.
However, the strongest growth has been witnessed by Bitcoin Exchange itBit, which offers only Bitcoins. The trading volume on the itBit cryptocurrency exchange has grown by over 600% in the past 24 hours. Another major name to witness a strong growth in the markets is Bitlish, which is also up by over 500%. The Gemini cryptocurrency exchange, owned by the Winklevoss twins, has also witnessed a bullish growth as the 24-hour trading volume on Gemini is up by 375%. BitBay has also shown a strong growth in its trading volume, surging by over 350%.
The most interesting statistic is perhaps the strong growth of Coinbase Pro, which is basically the re-branded GDAX exchange. Big-money players and high networth investors tend to make use of Coinbase Pro as it offers advanced features. It has been the biggest name in the top 10 cryptocurrency exchanges when it comes to percentage-wise growth, having surged by over 360%.
While it is impossible to predict how the cryptocurrency markets will move from here on, there are two things which can be said for sure:
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There is a strong buying activity going on in cryptocurrency exchanges across the world, as some exchanges are surging by as much as 600%.
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The fact that investors willing to buy cryptocurrencies even at a time when markets are losing out as much as 25% of the total market cap in 24-hour period indicates that a large number of investors are still bullish about the markets growing - resulting in them getting a high return on their investment.
You can also check out our report on the recent cryptocurrency price crash to get a better feel of how the markets have been performing lately. Stay tuned with us at Cryptoground for all the latest news updates and stories from the world of cryptocurrencies and the blockchain technology.