Altcoins Driving Uptrend
The cryptocurrency trading volume is increasing as their prices are rising. This time, the uptrend is being led by altcoins.
At cryptocurrency exchange UPbit, the price of Dogecoin was 279 won at 14:00, Aug. 9 whereas the closing price was 236 won on Aug. 2. On Aug. 8, the daily highest price was 325 won.
At the exchange, the Dogecoin trading volume amounted to 1,111.1 billion won, the biggest of all, on Aug. 9 whereas it stood at less than 300 billion won last month. At Bithumb, the volume was 128.1 billion won, the third-largest behind those of Ethereum and Bitcoin.
At UPbit and Bithumb, the Bitcoin trading volume was 420 billion won and 139.4 billion won that day, respectively. In addition, the Ethereum trading volume was 465 billion won and 147.3 billion won, respectively.
According to experts, the increasing popularity of Dogecoin is because the number of investors is increasing. “In most cases, the prices of altcoins rise after that of Bitcoin rises,” one of them said, adding, “Investors are focusing on Dogecoin as the biggest altcoin after the recent rebound of Bitcoin.”