After breaking the major market trend line a few days ago, Bitcoin (BTC) has seemingly found strength as it burst to the upside in a matter of minutes late Monday night and early Tuesday morning.
The #1 cryptocurrency had been struggling to break above $4,200 over the last 4 months, but finally did so with gusto. It went from just below $4,200 to a local high of over $5,000 on some exchanges within 1 hour from 11:30 pm on Monday night to 12:30 am on Tuesday morning.
The price of Bitcoin has since subsided slightly but is now holding strong and continuing to climb, with its current price at $5,000 at the time of writing, indicating a 7-day percentage gain of 23%.
All Cryptos Are Surging
Bitcoin is the king of all cryptocurrencies, ranking #1 in terms of market capitalization. It was the first cryptocurrency that kicked off the blockchain revolution. When Bitcoin makes a move, so do all the other cryptocurrencies, and in a very big way.
Many industry experts are speculating that the time of easy crypto money has come again, as many altcoins are experiencing 20% plus gains over the past week, and some have even doubled.
Today, all of the top 20 cryptocurrencies are in the green except for Maker (MKR) and Tezos (XTZ), likely due to their massive run-ups prior to Bitcoin’s explosion upwards. As for the top 20 top gainers, Bitcoin Cash (BCH) is in the lead, with a near 50% gain in the past 24 hours.
A Closer Look at the Top Cryptos
While we can see a massive percentage increase in smaller altcoins due to their lower market caps, even the top 5 cryptocurrencies are performing very well. Besides top performers Bitcoin (BTC) and Bitcoin Cash (BCH), Ethereum (ETH), Ripple (XRP), and Litecoin (LTC) are seeing nice gains as well.
Ethereum (ETH), the 2nd-ranked cryptocurrency by market cap, experienced a 9% gain on the day and is currently trading at $160 with a market cap of $17.8 billion at press time. Ethereum’s 7-day price increase is over 21%, as it increased from a price of $139 last Wednesday.
Ripple (XRP), the 3rd-ranked cryptocurrency by market cap, has experienced smaller but still substantial price gains over the past 7 days, as it increased from a price of $0.30 last Wednesday to a price of $0.36 at the time of writing.
The digital asset has experienced a percentage increase of over 16% over the week and nearly 7% on the day, with its current market cap of nearly $15 billion.
Crypto Market Cap Surging
The total market capitalization of all cryptocurrencies has increased significantly since Bitcoin surged upwards from a steady level of $147 billion prior to Bitcoin’s price rise to over $175 billion at the time of writing. The crypto markets are surging together and so far show no signs of slowing down.
Has the time of easy crypto money come again or are these recent price moves a fake out before a new fall? Let us know what you think in the comment section below.