Bitcoin (BTC) Price Recovers Losses with Late Sunday Rally
BTC crashed on a series of trading anomalies, but later recovered in a sudden burst, adding $700 within hours.
Bitcoin (BTC) spent most of the weekend with depressed prices around $7,300, only to rally again, early on Sunday, recovering within hours to the $7,900 range and later returning to $8,000. One of the reasons was the change of sentiment on BitMex, where derivatives trade at a premium.
The recent rally happened with volumes above $20 billion in 24 hours. This time, the share of Tether (USDT) expanded, from around 62% in the past days to more than 72% on Monday. The stablecoin still sees a significant turnover, supporting the liquidity on the markets.
What is even more curious is that in the past few weeks the usual USDT premium of up to $300 has disappeared, and currently, the dollar price of BTC is even slightly higher compared to the USDT price.
The recent price rally also boosted Ethereum (ETH), which returned to around $252.81, growing by more than 30% in the past seven days. Bitcoin Cash (BCH) is back to $406.73, building on the increased BTC price.
Some of the star altcoins this week included Tezos (XTZ), up more than 41% since last Monday, to $1.77. NEM also rallied strongly, gaining more than 60% in a single week and returning to the $0.09 level. XRP is attempting to establish a higher price range, remaining above $0.40.
The BTC market price is also going in for another successful quarter, after the first three months of 2019 saw a robust growth after a prolonged bear market.
In the second quarter, BTC started off at the $4,000 range and went on to double its price, promising another notable record. BTC still dominates altcoin markets, as most altcoins are near the lower range in Satoshi prices.
Traders also note that Asian exchanges lead the way, with OKEx, one of the most active Bitcoin (BTC) markets. The influence of Binance is also significant, as the success of the past few months follows the series of IEOs on Binance Launchpad, as well as the launch of a Binance DEX.
Binance Coin (BNB), instrumental to trading, is marking new dollar records at $29.92 and is on track to triple its price over the last three months.
Neither the author nor the publication assumes any responsibility or liability for any investments, profits, or losses made as a result of this information. Cryptocurrency trading and investing are risky propositions, and market participants are advised to always conduct thorough research.