Ethereum Rises 5% as Crypto Market as Crypto Market Gains $11 Billion Despite Low Volumes
The valuation of the crypto market increased by around $11 billion over the past 24 hours, triggered by the short-term momentum of bitcoin, Ethereum, and Bitcoin Cash.
Ethereum / Bitcoin Volume Still Low
On yesterday’s report, CCN noted that a downtrend in the short-term is expected due the relatively low volume of digital assets including bitcoin, Ethereum, and Bitcoin Cash. Currently, as of July 8, the daily volume of Tether (USDT), a stablecoin whose value is hedged to that of the US dollar, is nearly two times larger than the volume of Ethereum.
Regardless of the low volume, major digital assets were able to secure momentum throughout the past 24 hours, allowing the cryptocurrency market to recover slightly, by 6.5 percent.
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