Daily Traders Edge

Cryptocurrency Market Moves Closer to $400 Billion as Bitcoin Surges 14%

March 12
10:35 2018

Over the past 24 hours, the cryptocurrency market has sustained strong momentum, moving closer to the $400 billion region. Led by bitcoin, many major cryptocurrencies have recorded large gains since March 11.

Bitcoin Up 14%

Bitcoin, the most dominant cryptocurrency in the market, has recorded a gain of over 14 percent since yesterday, rising from $8,400 to $9,800. On both cryptocurrency-only exchanges like Binance and cryptocurrency-to-fiat exchanges like Bitfinex, bitcoin demonstrated strong volumes, despite its struggles last week, amidst the Mt. Gox bitcoin sell off.

The rise in the price of bitcoin and the momentum it has started to build over the past few days are likely triggered by optimistic developments within the cryptocurrency industry, and a prolonged recovery from the long-lasting correction since January.

Major businesses in South Korea including the country’s largest hotel booking platform Yeogi Eottae and leading e-commerce platform WeMakePrice have began integrating cryptocurrencies in collaboration with Bithumb, the biggest cryptocurrency trading platform in South Korea.

While it may require several months for the two influential businesses to start accepting cryptocurrencies, Bithumb spokesperson stated that the integration of cryptocurrencies by the two companies will lead to other major businesses in the country accepting cryptocurrencies in the near future.

Continue Reading at CCN

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