The latest bull rise in the market has caused a substantial increase in prices with several cryptocurrencies climbing in value. Apart from the price, other factors such as market cap and 24-hour market volumes have also taken a bullish tangent.
XRP enthusiasts would have been enthused over the weekend when they discovered that the cryptocurrency’s volume was 4 times higher than that of Bitcoin on BTCmarkets, a popular Australian cryptocurrency exchange.
Market volumes have usually been considered a key metric in judging the performance of a cryptocurrency. In the wake of this, several enthusiasts made it a point to clock the volumes during peak bullish hours. On February 16, it was spotted that XRP’s volume had trumped that of Bitcoin’s to reach 7.244 million AUD on BTC Markets.
At the same time, Bitcoin’s volume on the Australian exchange was 1.772 million AUD after a 2.11 percent drop in value. Ethereum came in third place with a total market volume of 999.567 million AUD. Smaller cryptocurrencies such as POWR had also jumped on the list to overtake bigshots such as Litecoin, Bitcoin SV and Bitcoin Cash.
POWR had witnessed a 14.67 percent surge in price which also caused its market volume to rise to $477.768 million. Many members of the cryptocurrency community have come forth and commented on the volume spike because of it affects the trading markets. It is also a known fact that BTC Markets is one of Ripple’s ODL exchange partners.
BTC Markets successfully partnered with RIpple for the On-Demand Liquidity platform in Australia which leverages XRP. The third-largest cryptocurrency in the market was set to act as a bridge currency to eliminate the need for pre-funding in cross border payments. The organization had also announced a new CEO Caroline Bowler three weeks ago to set higher goals for the exchange that trades crypto worth $8 billion. She had said:
“Our clients are assured by our complimentary asset protection fund, safe in the knowledge their crypto assets are secure. Our on-going priority is to look after the interests of our loyal customer base with continuous innovation and valued partnerships. My experience will drive our strategic direction, and ultimately our growth strategy for Australia and beyond. I look forward to working with industry stakeholders as we continue our key role, leading Australia towards a digital economy.”
XRP, in general, has had a rollercoaster ride over the past few weeks. The cryptocurrency was now trading for $0.28 with a total market cap of $12.42 billion. XRP’s total 24-hour market volume was $43.71 billion after a 4.08 percent price increase in the last 7 days.