On a daily basis, the trading bulk of the crypto market has spiked up from an estimated $9 billion to $19 billion only within the time duration of two weeks, by more than two times.
Bitcoin has held strong by its stability in the $8,200 area after touching a high in the month at $8,500, noting a slight drop from its high point.
The volume of bitcoin when compared with the US dollar and stablecoins like Tether (USDT) shows to have gone up by almost four-fold since the beginning of July, and to add to that the bitcoin volume on a much larger global scale has shot up by exactly two-fold since the previous week.
When bitcoin’s price tanked a little bit against the US dollar in the past dozen hours, tokens including Aelf (ELF), Bluzelle (BLZ), Quarkchain (QKC) and WePower (WPR) took a rise of around 10 to 20 percent against bitcoin, showing a regrowth in terms of momentum and bulk.
One of the best performing tokens when compared against bitcoin and the US dollar throughout 2018, ELF, showed a 20 percent rise in the value from 0.00075 BTC to 0.00009004 BTC, but gone down to 0.000085 BTC since then.
QKC, which tanked in value upon its listing on Binance in June, was another crypto-currency that demonstrated a strong 16 percent increase in value from 0.00000439 BTC to 0.00000510 BTC, surprisingly its lack of volume on major cryptocurrency exchanges did not serve as an obstruction.
Primarily, the short-run rally of bitcoin had a small almost menial effect on other substitute cryptocurrencies and tokens, which shows the absence of correlation between the rest of the crypto market and digital assets. The movement of bitcoin and the struggle of tokens also emphasized the reluctance of investors in the crypto market to bring about additional risk in a highly volatile period.
When bitcoin began to pick up more momentum and strength however, investors became much more at ease in investing in tokens that are at a high-risk but high-return investment.