The bitcoin bulls are more relentless than they would have been predicted for summer 2019. At the start of the year, the crypto winter had bears calling for a low point below $ 3000 and a longer crypto winter in 2019. However, prices have significantly reversed Touch $ 8000 with altcoins, which also benefit from the positive feelings.
The break above $ 6,000 was most surprising when bulls beat prices up to $ 8,000 to break instrumental resistance and support levels near $ 6,400 above $ 7,000. These price spikes were also mainly triggered during trading hours in the Eastern Hemisphere. According to reports, double-digit gains have been seen in cryptocurrencies from 12:00 AM to 4:00 AM UTC over the past week.
South Korea among the top 5 currencies in FIAT-t0-Crypto Exchange
China was credited for the unprecedented bull run. Analysts say traders may be motivated to exchange their yuan for bitcoins during the US-China trade war. The mood regarding Bitcoin is positive in other eastern countries as well.
Coinlib reports that the 24-hour volume of South Korean markets is around $ 100 million. The volume from Japan is around 160 million US dollars and from China around 321 million US dollars. The volume reported 24/7 in the US is around $ 1 billion.
In addition, Tether’s volume is the highest with more than 60% of the market share. These can be arbitrarily divided between countries through global exchange.
Also Read: JP Morgan Confirms Bitcoin Price Surge Mimics 2017 Bull Run
Notably, the volume from China and Japan is larger, but the volume reported for South Korea is the highest ever recorded. Mati Greenspan, Senior Market Analyst at eToro, tweeted:
“South Korea completely dominates this market. According to CryptoCompare, the SK exchange BithumbOfficial has by far the highest fiat-to-crypto volumes. “
Fiat to Cryptocurrency Volume in Exchange (Tweet)
Bitcoin’s total market capitalization is around $ 130 billion, which is comparatively lower than that of other globally distributed assets. Hence, the growing positive belief in Bitcoin around the world is driving prices from all geographic regions.
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