The bitcoin markets have rallied after having produced 48 hours of steady consolidation following the recent bounce off support at approximately $5,800. Looking at the 24-hour volume rankings, Coinex has suddenly emerged as a strong market leader, claiming to have hosted $1.5 billion in trade in single day – over $1 billion of which purportedly took place on their BTC/USDT markets alone.
BTC Gains 10% in 4 Hours
As of this writing (13:45 UTC, June 2nd) BTC is trading for approximately $6645 after quickly gaining nearly 5% in less than an hour. It has a total capitalization of $114 billion – giving it a market dominance of 42.5%. BTC is the most traded cryptocurrency with more than $4.6 billion worth of BTC exchanging hands in the last 24 hours – equating to 33.3% of total 24-hour volume produced by all cryptocurrency markets.
At approximately 22:00 UTC, June 29th, the BTC markets suddenly saw an influx of buying pressure, driving the markets up 6.4% from $5920 USD to nearly $6300 in less than an hour. At approximately 01:30, June 30th, the markets produced a secondary break-out that saw the price of BTC gain a further 4.5% up to nearly $6550 in under fifteen minutes. Over the course of the last 48 hours, the BTC markets have consolidated between approximately $6300 and $6450.
Looking at the daily chart, the recent bullish momentum has pushed the markets above the descending trendline that guided the bearish price action experienced throughout May and June.
Despite the apparent break of the descending trendline appearing to signal that a reversal is likely, the daily stochastic RSI has crossed above the 80 threshold – suggesting that a retracement to retest the immediate prior resistance area of approximately $6000 – $6100 is not unlikely.
Looking at both the 3-day and weekly charts, however, the stochastic RSI appears heavily oversold after having spent more than four weeks grinding below the 20 threshold.
BCH Bounces Off Key Support Area
As of this writing, Bitcoin Cash is trading for approximately $785 after gaining more than 5% in less than an hour. BCH currently appears to be consolidating outside of the descending triangle in which price action has channeled since May.
When looking at the BCH/BTC charts, one can see that the markets around are currently consolidating after producing an immediate bounce off support at roughly 0.11 BTC. As of this writing, BCH is trading for approximately 0.118 BTC.
BCH/BTC – BItstamp – 1DBCH pairings have comprised approximately 3.2% of total cryptocurrency trade volume over the last 24 hours. The Bitcoin Cash markets currently have a market capitalization of over $13.6 billion – equating to roughly 5% of the total capitalization of all cryptocurrency markets.
Coinex Dominates 24-Hour Volume Rankings, Claims $1.5 Billion in Volume
Coinex has, for now, superseded Binance, the cryptocurrency exchange with the highest reported trade volume on Coinmarketcap.
In the last 24-hours, Coinex’s BTC/USDT pairing has reported to have produced over $1.16 billion in volume – accounting for more than 21% of all the volume produced by all BTC pairings, and 28.5% of all USDT volume. The purported volume equates to 527% more than Binance’s reported 24-hour volume for its BTC/USDT pairing of nearly $220 million.
Coinex pairings now rank among at the top of the volume rankings for a number of leading cryptocurrencies, with Coinex purporting to host 17% of all BCH, 15.5% of all ETH, and 19% of LTC trade in the last 24 hours. The sudden influx of volume has been attributed to the exchange introduce a “trade-driven mining” fee model in which fees are repaid to traders in the form of an exchange’s native cryptocurrency.
What is your response to the massive trade volume reported by Coinex? Join the discussion in the comments section below!
Disclaimer: Price articles and markets updates are intended for informational purposes only and should not to be considered as trading advice. Neither Bitcoin.com nor the author is responsible for any losses or gains, as the ultimate decision to conduct a trade is made by the reader. Always remember that only those in possession of the private keys are in control of the “money.”
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