Analysis

Green Across The Board as Cryptocurrencies Rally in Recovery

Green Across The Board as Cryptocurrencies Rally in Recovery

The cryptocurrency market is seeing significant gains today, as it rallies towards a recovery. Moreover, a market reversal has been sorely anticipated following the past weeks’ price plunges.

The following market visualization from Coin360 illustrates the marked market gains currently experienced. Practically all of the major altcoins are showing significant gains. The notable exception is EOS, which is slightly down day-over-day.

Nevertheless, some cryptocurrencies are displaying staggering gains during the past day. For example, Bitcoin Cash has increased by a massive 27.39% to $134.62.

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All in all, this price rally has propelled the total cryptocurrency market capitalization by a notable amount. Whilst the total crypto market cap was hovering around the $100 billion barrier just days ago, it is currently pegged at $123.8 billion.

This represents a 7.86% day-over-day increase. Furthermore, the trading volume over the past 24 hours has similarly increased by a notable amount, rising to $20.97 billion.

Bitcoin price skyrockets

The price of Bitcoin has risen solidly throughout the past day. At the time of writing, Bitcoin is trading at $3,794.36 which translates to intraday gains of 7.26%. Moreover, the premier cryptocurrency is therefore seemingly heading back towards the 4,000 dollar line.

The following Bitcoin price chart, from CoinDesk, illustrates the steady increase of Bitcoin witnessed during the past day. At one point the price of Bitcoin briefly surged past $3,900 but ultimately fell back down slightly.

Ethereum shoots past $100

Ethereum is also having a good day. The cryptocurrency has rocketed past the psychologically important $100 line, and is currently trading at $106.23. This equals a day-to-day gain of 10.51%.

The attached price chart, similarly from CoinDesk, shows that Ethereum’s intraday performance has been very similar to that of Bitcoin. Ethereum, however, has seen even more impressive gains.

Nevertheless, it remains to be seen if Ethereum will be able to defend its latest gains in the coming days.

All major coins seeing gains

The market has been caught in a green wave, as all other major coins also continue to rally towards recovery. Ripple has increased by 11.65% and risen to $0.3795. Furthermore, Litecoin is also seeing impressive gains of 6.48%, which has sent Litecoin’s price flying to $30.69.

It’s a similar story with Stellar, which is currently trading at $0.1214 – which is up 10.86% from yesterday. The price of Monero has increased by 9.27% to $49.34, and Tron is up 15.52% to $0.0169.

Image Source: “Pexels”

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