The brutal crypto winter continues, even as spring is almost here, with global trading volumes reaching a level not seen since November 2017.
Only $12.5 billion exchanged hands in the past 24 hours in all 1,500 cryptocurrencies and across all exchanges.
The last time that applied was 27th of November, when such volumes were first reached. It then went on to a high of $45 billion on January the 7th when the global market cap reached its all time high of $833 billion.
The global market cap has now fallen by around 60% from its all time high, as have all individual cryptocurrencies.
Some more, at around 75%, some less, but almost all are down today by around 5%. Even Tether, the centralized dollar pegged crypto, is down.
Bitcoin Cash is bucking the trend, starting a few minutes ago an up move that seemingly encouraged ethereum and bitcoin to try the bear resolve.
That may be because Bitcoin Cash has recently received its biggest news yet. Some 100,000 BitPay merchants started simultaneously accepting it for payments.
That places it on an equal footing with bitcoin, so leveling the playing field as Bitcoin Cash is now accepted pretty much everywhere bitcoin is accepted.
Which has angered a bit Bitcoin Core supporters, not least because BitPay shows side by side bitcoin’s and bch’s fees.
In response, BitPay defended what bitcoin core supporters might see as an inconvenient factual disclosure for their customers by stating they had to pay $2 million in bitcoin fees for the month of December alone.
That might suggest BCH is a bit undervalued currently when compared to bitcoin’s market cap because there is no real difference between the two now that they’re equally usable for payments.
Curiously, the market is valuing NEO as the best of what we could call new version coins. We’ve been hearing in the past week their blockchain went offline a few times.
How a blockchain goes offline is a bit of a puzzle, but NEO’s blockchain is centralized in effectively one node, so perhaps they need more servers. The market though doesn’t seem to care.
There hasn’t been much change with the rest, but they appear to be slightly bullish at the time of writing, so maybe a double bottom is due.
Although, as previous bear veterans may know, those bottoms could well be painted for more real, real bottoms. So, we’ll just have to wait and see how the wind swings the yoyo.