With the exception of Polkadot, every cryptocurrency asset in the top 10 had an average annual trading volume in excess of $ 1 billion per day. Trading volume is crucial in the recovery as it indicates how active an asset is.
Polkadot's average trading volume could explain why DOT has not seen significant recoveries relative to other major assets.
Bitcoin Classic, Ethereum Classic, and Litecoin all had trading volumes in excess of $ 1 billion / day with ETC, BCH and ETC each having recorded over $ 3,5 billion. This article will examine whether these highly active assets are undervalued or whether their classification is justified.
Ethereum: in step with the times?
The ETC community has been working on a major blockchain upgrade in recent months. This update will be completed in July. Stevan Lohja (main developer of Mantis IOHK) announced the Magneto update on June 10th. This upgrade will include the upgrade capabilities of the ETH in Berlin.
Ethereum Classics' high trading volume can be justified by its high development activity, which should ultimately push it into the top 10.
Bitcoin Cash and Litecoin
Bitcoin Cash and Litecoin have traded volumes of $ 3,6 billion and $ 1,87 trillion, respectively, in the past 24 hours. Comparing the active addresses of both assets revealed a completely different picture.
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Litecoin has maintained strong active addresses over the past few months despite falling prices, but BCH has experienced low active address numbers since early January 2021.
When comparing the market speed for Bitcoin Cash and Litecoin, Bitcoin Cash showed extremely volatile speed. This indicated that both buyers and sellers were not heading in the same direction.
Litecoin's speed was more linear, indicating better token distribution across transactions.
It can therefore be concluded that Ethereum Classic and Litecoin likely justified higher trading volumes at press time, which could allow for greater asset scale. However, BCH's volumes could be a false alarm as its market has remained uncertain.
Iranian officials want to ban Bitcoin payments
The Iranian parliament has prepared a bill to ban payments in cryptocurrencies such as Bitcoin.
According to the Tasnim News Agency report on Friday, Iranian lawmakers have drafted a new bill that will ban the use of any non-national cryptocurrency for payments within Iran. The government's decision to crack down on cryptocurrency isn't the only one. The country is also considering issuing its own digital asset. This is undoubtedly the main reason for the new bill.
Iran is not the only country that has issued a blanket ban on crypto transactions. The Central Bank of the Republic of Turkey had issued an April ban on the use of Bitcoin and other cryptocurrencies for transactions.
Licenses required for miners Last week, the ministry granted clearance to 30 mining facilities.
After blaming cryptocurrency mining for power outages, the country banned cryptocurrency mining for four months in May. According to reports, the country sought the assistance of spies to find illegal mining farms.