Why is Bitcoin Cash and Litecoin Driving Monday Morning Markets in Asia?

Weekends are usually pretty inactive for crypto markets and this one has been no different. Total capitalization has hovered just above $170 billion for the past three days as Bitcoin has failed to register any momentum following last week’s big correction.

Monday morning has brought some movement to markets however as Asian traders get down to business but it is not Bitcoin leading things this time. The $5 billion influx to cryptocurrencies over the past 12 hours or so has been largely down to big moves being made by Bitcoin Cash and Litecoin, the fourth and fifth largest crypto assets by market cap.

Bitcoin Cash Spikes 11%

A surge from $275 to just over $305 for BCH has pushed its market cap back up over $5 billion again. Daily volume jumped from $900 million to $1.2 billion a few hours ago as Bitcoin Cash started pumping again, registering an 11% gain on the day.

Why is Bitcoin Cash and Litecoin Driving Monday Morning Markets in Asia? 1
BCH price 24 hours – coinmarketcap.com

The top exchange for BCH at the moment is Chinese OEX which has taken over 16% of the total. Hong Kong based OKEx is second as Asian traders load up on Bitcoin Cash today. There have been a number of developments for Bitcoin Cash over the past week including Huobi BCH contracts going live, Liberland’s BCH based merit token reaching $1 million market cap, and several technical upgrades;

Bitcoin Cash is currently trading just over $300 which is double what it was priced at on January first this year. It is not far off the 2019 high of $335 and has again kicked Litecoin and EOS out of fourth place by market cap.

Litecoin Launches by 9%

A pump from $77 to $84 has given Litecoin a 9% boost on the day as volume hits $2.5 billion. Litecoin has now flipped EOS again and retaken fifth spot with a market cap of $5.1 billion. Since the beginning of the year LTC has surged an epic 180% from $30 to its current price level. The network’s hashrate has also recently reached an all-time high as it peaked at 359.43 TH/s on April 4. It is rapidly approaching that level again with a hashrate of 347.54TH/s according to bitinfocharts.com. According to Litecoin.com;

It’s reasonable to assume that there is still greater potential for room to the upside as hashrate has only roughly doubled whilst the Litecoin price has more than quadrupled. 

Why is Bitcoin Cash and Litecoin Driving Monday Morning Markets in Asia? 2
Litecoin price 24 hours – coinmarketcap.com

The moves by LTC and BCH have revived crypto markets following a weekend lull in activity. It is not the first time these two altcoins led markets as a similar pattern emerged earlier this month when both digital assets surged together.

The other altcoin getting a big pump at the moment is Tezos which has jumped 16% to $1.14.

About the author

E-Crypto News was developed to assist all cryptocurrency investors in developing profitable cryptocurrency portfolios through the provision of timely and much-needed information. Investments in cryptocurrency require a level of detail, sensitivity, and accuracy that isn’t required in any other market and as such, we’ve developed our databases to help fill in information gaps.

Related Posts

E-Crypto News Executive Interviews

Crypto Scams

Beanstalk Farms Loses $80M In A Massive DeFi Governance Flash-Loan Hack
Beanstalk Farms Loses $80M In A Massive DeFi Governance Flash-Loan Hack
April 23, 2022
Joon Pak Head of Crypto at Prove talks to Us about Crypto Fraud And More
April 11, 2022
Mintable CEO Zach Burks Talks to Us about the Opensea Stolen NFTs and Their Recovery
March 21, 2022
Crypto Crime
Crypto Crime Surges To Record Highs As Thieves Follow Market Buzz – Chainalysis 2022 Report
February 24, 2022
Bots Circumvent 2FA Login At Coinbase And Other Crypto Exchanges In 2022
Bots Have Circumvented 2FA Logins At Coinbase And Other Crypto Exchanges In 2022
February 17, 2022

Automated trading with HaasBot Crypto Trading Bots

Blockchain/Cryptocurrency Questions and Answers

Roundtable Interview-What is the Effect of The Russia-Ukraine War on Cryptocurrency Prices?
March 4, 2022
How Does Bitcoin Casino Work + 2021 Beginner’s Guide
November 8, 2021
How to Buy and Sell Cryptocurrency
November 8, 2021
What Are Bitcoin Futures And How Will They Work In 2022?
November 4, 2021
The Unconventional Guide to Ethereum
October 28, 2021

CryptoCurrencyUSDChange 1hChange 24hChange 7d
--- --- --- ---
--- --- --- ---
--- --- --- ---
USD Coin0.9989 0.16 % 0.08 % 0.04 %
--- --- --- ---
--- --- --- ---
--- --- --- ---
Cardano0.9566 0.22 % 0.68 % 6.96 %
--- --- --- ---
--- --- --- ---

Bitcoin (BTC) $ 28,856.00
Ethereum (ETH) $ 1,756.32
Tether (USDT) $ 1.00
USD Coin (USDC) $ 0.999925
BNB (BNB) $ 302.77
XRP (XRP) $ 0.384633
Binance USD (BUSD) $ 1.00
Cardano (ADA) $ 0.461177
Solana (SOL) $ 42.21
Dogecoin (DOGE) $ 0.081328