Cryptocurrency market update: the moon is nigh
Cryptocurrency market has been growing like crazy this Tuesday morning. The total capitalization of all digital assets in circulation jumped to $160B for the first time since November 2018, while an average daily trading volume spiked to $44B, which is the highest since January 2018.
Was it a dormant whale with a large buying order? Or some kind of insider trading? Or maybe just a bunch of speculations? The answers are yet to be found out.
However, the facts are as simple as that:
- Bitcoin (ETH) grew by nearly 23% in a matter of an hour and hit an area above $5,000. At the time of writing BTC/USD is changing hands at $4,750, which is still 14% higher from the levels registered at the start of the day.
- Ethereum (ETH) hit $155.96 and retraced to $150.00 by the time of writing. The coin’s value grew by 6% since the start of the day.
- Ripple’s XRP spiked to $0.3450 before retreating to $0.33 amid technical correction from an overbought territory.
- Other altcoins demonstrated similar momentum gaining from 5% to 13%.
"Looks like #AprilFoolsDay put everyone in a good mood. This move has bee building for a while. Taking out the key level at $4,200 was critical. The rest is history,” Mati Greenspan from eToro says. commenting on the move.
Author
Tanya Abrosimova
Independent Analyst
