EOS Rises 5% In A New Altcoin Surge, Tokens Record New Gains

Several tokens and major cryptocurrencies including the altcoin EOS are in the daily cryptocurrency news, after demonstrating a short-term momentum over the past 24 hours and pushed the valuation of the crypto market to $206 billion, which is $2 billion more compared to yesterday’s volumes.

Speaking of volumes, the volume of Bitcoin, the leading cryptocurrency, recovered to $4.2 billion after its fall to the mid-$3 billion region, showing a clear increase in the trading activity across major cryptocurrency exchanges.

It seems like this positive movement affected many tokens and digital assets – including Loom, Status, Bancor, WaltonChain, Pundi X, OmiseGo and Zcash, all recording gains in the range of 8% to 20% and portraying large upside movements for the first time since September 15th.

Previously, we reported that the low volume of Bitcoin has left the market vulnerable to short-term drops, below the $200 billion mark. At one point, the volume of Bitcoin fell to $3.1 billion and was down nearly 26%.

According to one technical analyst named Hsaka, the failure of Bitcoin to recover in volume could trigger BTC to maintain its tight range until the end of the year. As he explained:

“To be honest, with volume and volatility petering out, I wouldn’t be surprised to see BTC hold this range for another month (and maybe till the EOY too). Would be the path of maximum pain, bears don’t get their rapid selloff to 4.8k, bulls distraught over not being able to break 6.8k.”

There are currently several major announcements that await Bitcoin in the wake of 2019. Most importantly, these include the VanEck/SolidX Bitcoin exchange-traded fund (ETF) application which is set to be evaluated by the US Securities and Exchange Commission (SEC) by the end of February 2019.