The bigger they’re, the harder they fall – you might have heard this classic saying quite a few times in past. But for Bitcoin it looks like one more line should also be added to this quote – the harder they fall, the higher they rise. Because when winter came to crypto markets in November and BTC touched $3,000 levels for the first time from its all-time high of $20,000, a lot of critics had said that this was coming as Bitcoin is worthless. However, after that steep decline the digital gold is now rising steadily and quickly once again, and today it has crossed another important level on that trajectory. Surging as much as 8% in a single day Bitcoin has breached the $7,000 mark since yesterday. And most importantly it’s still trading above that point, which is sending out many bullish signals to the market.
That’s right. When it was Sunday and everyone was relaxing/having fun, Bitcoin was roaring. It opened at a price of $6,950, slightly below the closing price of previous day. But a sharp rally followed quickly and soon Bitcoin touched as high as $7,500. It was a jump of 8% in a single day, and we’re still looking for the causes that might have contributed to such a large jump. But it’s a fact that this was coming sooner or later.
Today, things are a bit different. BTC opened down by 2% around $7,150, but since then it has recovered and at the time of writing this article it’s trading at $7,265.
Other top cryptocurrencies are also riding the wave along with it. Ethereum, the second largest crypto by market cap, is trading at $192. Yesterday it had also breached the $200 mark, so it will be interesting to see whether it reclaims that level today or not. XRP is also up 1.7% and trading currently at $0.319. As far as other two cryptocurrencies in the top 5 are concerned, Bitcoin Cash is up 2.5% and Litecoin down briefly by 0.76%. Current price of Bitcoin Cash is $362.5, while Litecoin is trading at $87.39.
The top riser in the top 10 club is Binance Coin (BNB), which is trading high by 9.6% at $22.99. Binance had recently suffered from a $40 million attack, post which its BNB token had also seen a sharp decline in its value. But now as things are improving swiftly the value of toke is also recovering.
Other top riser is Dash, the 12th largest crypto by market cap. At the time of writing this article it’s also trading higher by 9.6% at $134.34.
Overall market cap
In this entire episode of back-to-back rally since yesterday the cryptocurrency market has added $6 billion in market cap. Right now the overall crypto market cap stands at $218 billion. Moreover, when the market was trading at day’s high yesterday the market cap went as high as $233 billion! This is an important milestone for overall crypto market cap as well, because since November last year it’s for the first time that crypto market cap is above $200 billion. Now it will be interesting to see how things remain throughout the day today. Looking at the rally right now it’s appearing that $10,000 level for Bitcoin is not too far now. Let’s see!
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