Home Bitcoin Bitcoin Pops Above $3,700 As Crypto Market Flashes Green

Bitcoin Pops Above $3,700 As Crypto Market Flashes Green

The cryptocurrency market is making an emphatic return today after days of low volatility, with the price of bitcoin briefly surpassing $3,700 alongside other major coins printing double-digit gains in the past day.

Litecoin (LTC), the world’s fourth-largest cryptocurrency by market cap, led the charge by surging just over 40 percent from its opening price of $33 to reach a 3-month high of $47.

The move was backed by $1.4 billion in trading volume, which is its most since Feb. 20, 2018, according to Coinmarketcap.

Soon after litecoin picked up the strong bid, other well-known cryptocurrencies followed suit.

According to data from CoinDesk’s Crypto-Economic Explorer (CEX), seven other cryptocurrencies are currently boasting double-digit 24-hour price increases, including EOS (EOS), ether (ETH), cardano (ADA), bitcoin cash (BCH), IOTA, NEO and lisk (LISK).

The world’s largest cryptocurrency by market capitalization, bitcoin (BTC) is also flashing green.

BTC opened the day with a price of $3,359 but was able to rise just over 10 percent to reach a 20 day high of $3,702. BTC’s price has since slightly pulled back and is now trading at an average price of $3,625, per the CEX.

In all, the capitalization of the broader cryptocurrency market has appreciated roughly 9 percent in the last 24 hours, jumping from $112 billion to $122 billion to clock its highest valuation since Jan. 20th. 

As it stands, the market’s $122 billion valuation represents an 85 percent depreciation from its all-time high north of $820 billion set in January 2018.

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Must Read

Binance pledges 1.5m USD to Chinese coronavirus outbreak

Changpeng “CZ” Zhao, CEO of the world’s largest crypto exchange Binance, has pledged to donate 10 million Chinese Yuan to the effort...

Square Bags US Patent for Fiat-to-Crypto Exchange

Jack Dorsey led financial service and payment firm, Square has bagged United States patent to proceed with its new cryptocurrency payment network.

UK’s cricket club begins using Blockchain tech to sell tickets

Lancashire Cricket Club has just joined the group of other sports team that leverages on Blockchain technology. These teams use Blockchain to...

Coronavirus/Chinese New Year: Bitcoin suffers, plunges 6%

Owing to the current world panic of the recent Coronavirus that hit China, and the celebration of the Chinese New Year, both...

Solving Bitcoin’s modularity problem with Blockstream’s pegged sideschains

Towards solving Bitcoin’s modularity problem, Blockstream CEO Dr. Adam Back alongside Matt Corallo, Luke Dashjr, Mark Friedenbach, Gregory...