Analysis

Green Wave Sweeping the Cryptocurrency Market, Bitcoin Rockets Past $3,600

Green Wave Sweeping the Cryptocurrency Market, Bitcoin Rockets Past $3,600

February 9th; the cryptocurrency markets are currently showing deep green more or less across the board. Moreover, this comes as the total cryptocurrency market capitalization has surged to more than $120 billion.

The last 24 hours have seen a dramatical uptick in the overall cryptocurrency market capitalization. However, it remains to be seen whether this is merely a blip or a full reversal of the bearish market trend.

The price of Bitcoin surges past $3,600

Bitcoin is one of the biggest winners of the past day’s green wave. The price of Bitcoin is  $3,635.68 at the time of writing, representing a significant intraday gain of 5.02%. Furthermore, the following chart – from CoinDesk – shows the sudden surge in the price of Bitcoin.

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Furthermore, this graph also illustrates how the price of Bitcoin has remained relatively stable around the $3,600 level since its uptick. Nonetheless, it remains to be seen whether Bitcoin will establish a new longterm trading floor around this price level.

However, this is not the only promising Bitcoin related news. The daily Bitcoin transaction volume has also recently increased to levels which were last seen back in January of 2018 – when the price of Bitcoin was substantially higher than it is now.

Some industry observers have suggested that this could potentially signify that the Bitcoin ecosystem is continuing to grow and evolve.

Ethereum shows substantial gains

Ethereum is also displaying impressive gains over the past day. Currently, Ethereum is trading at $118.46, which represents a marked increase over the previous day. In fact, this translates to a surge of 5.69% percent during the last 24 hours.

This increase has allowed Ethereum to reclaim the spot as the second-largest coin by total market capitalization – surpassing that of Ripple. The following chart, also from CoinDesk, shows that Ethereum’s performance during the past day has been akin to that of Bitcoin.

Green wave sweeping the cryptocurrency market

Moreover, this performance is reflected in the performance of the rest of the cryptocurrency market as well. As the following market chart from Coin360 shows, the only major coins in red are Tether and Binance-Coin – and both display relatively minor intraday losses.

Ripple is in the green, showing gains of 3.97% and currently trading at $0.3107. Litecoin has seen a massive price increase of 14.01%, which translates to a price of $43.55. Lumen trades at $0.081 following a 4.57% surge.

EOS has also seen significant gains of 13.34%, which means that it is currently trading around $2.78. Likewise, Tron has increased by 1.1% to $0.02659. As such, it will be interesting to follow how the market performance continues to develop in the coming days.

Image Source: “Flickr”

Ledger Nano S - The secure hardware wallet