Cryptocurrency market update: the bulls woke up
|Cryptocurrency bulls are up and running. The market seems to have woken up from a prolonged sleep and set in motion as all top-20 assets including Bitcoin (BTC) has grown strongly in recent 24 hours. The total capitalization of all digital assets in circulation jumped to $173B from just over $147B this time on Tuesday. An average daily trading volume catapulted from $33B to $83B.
Whatever the reason for the stellar growth, the experts believe that it is a natural reaction for the market that has been locked in a tight range for months on end.
“After being in bear territory there is a growing sense that bitcoin is back. I’m now calling that the market has bottomed and the so-called crypto winter has come to an end. I believe bitcoin will now move higher over the next few weeks and months, making steady gains for investors. As the largest cryptocurrency by market cap, this will have a positive impact on prices in the wider crypto sector,” Nigel Green, CEO of deVere Group wrote.
Top-3 coins price overview:
- Bitcoin (BTC) grew by 27% in recent 24 hours. The coin is hovering around $5,000 at the time of writing.
- Ethereum (ETH) settled above $171.00 with over 18% of gains on a day-to-day basis. The coin continues trading with a bullish bias.
- Ripple’s XRP spiked to $0.3700 before retreating to $0.3680. The third largest digital asset grew by 16% on a daily basis
- Other altcoins demonstrated similar momentum gaining from 5% to 13%.
The biggest market-movers:
- Bitcoin Cash (BCH) is an uncontested growth leader of the day. The 6th largest digital coin gained over 57% in recent 24 hours to trade at $276 amid strong bullish momentum.
- Litecoin (LTC) tested $85.00 handle before retreating to $83.00 by the time of writing. LTC/USD is 35% higher than this time on Tuesday.
- Bitcoin SV gained 32% to trade at $89.00. This is now the 12th largest coin my market cap.
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