Bitcoin continues to build momentum as it holds firmly above the $11,000 mark. Currently trading at $11,601, Bitcoin has shown gains of 5.84% in the last 24 hours against the USD. Japan continues to lead the market in terms of trading volume and the overwhelming demand for the cryptocurrency can also be noted in the price which currently has a 12% premium over the USD markets.
Although not all cryptos are performing well, with Ethereum, Bitcoin Cash and Ripple down against the dollar, the MVIS CryptoCompare top 100 index has risen 1.05% in the last 24 hours to 9,169.39.
The top 10 are positiveon the whole, with Bitcoin standing out with a 4.71% increase. Litecoin and Ethereum Classic have shown gains of around 9%. The biggest winner, however, is Vechain which has risen over 22% in the last 24 hours with a total volume of $136M. Tronix is the biggest loser, dropping 4.67% in the last 24 hours.
Bitcoin Cash has dropped 0.86% in the last 24h with a total volume of $478M along with Ethereum which has also dropped 0.91%.
Regulators continue to push for a more comprehensive legal framework around Bitcoin. In a new bipartisan movement that is supported by Democrats and Republicans alike, lawmakers are pushing for cryptos to fall under SEC’s investor protection rules for securities. Republican Senator Mike Rounds, a Senate Banking Committee member stated:
“There’s no question about the fact that there is a need for a regulatory framework”
At the time of writing, the Bitcoin price is sitting at $11,486 representing a gain of 5.3% in the last 24 hours. More than $1.33B worth of BTC were exchanged in the BTC/USD market representing a 24% share of the global daily volume. The BTC/JPY pair represents a 47% share.
Ethereum is showing small losses against the USD of roughly 0.39%. Given Bitcoin’s, rally, however, Ethereum is down 5.37% against BTC, its most heavily traded pair with over 43% of the global trading volume market share. Developments regarding the regulation of cryptocurrencies from Switzerland and Belarus are likely to positively impact Ethereum price over the following days and weeks however recent movements appear to bear no correlation to the news.
The Ethereum price has dropped 0.39% over the past 24 hours and is currently sitting at $941.95, with over $230M worth of Ether exchanged in the past 24 hours on the ETH/USD pair which has a 22.36% market share of the global daily trading volume.
The Litecoin price has risen 9.52% over the past 24 hours and is currently sitting at $242.87, with over $315M worth of LTC exchanged in the past 24 hours on the LTC/USD pair which has a 31.6% market share of the global daily trading volume.
The Ripple price has dropped 0.90% over the past 24 hours and is currently sitting at $1.10, with over $70M worth of XRP exchanged in the past 24 hours on the XRP/USD pair which has a 16% market share of the global daily trading volume.