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Crypto Markets Consolidate Gains – Bitcoin Price at $6700

Last Updated March 4, 2021 4:03 PM
Gerald Fenech
Last Updated March 4, 2021 4:03 PM

The cryptocurrency markets continued to post a positive performance on Tuesday, with almost all Top Ten coins posting considerable increases. As at press time on Tuesday late morning Bitcoin was trading at well above the $6,700 level on Binance with turnover increasing quite considerably over the past hours. It seems that the news announcements with regard to institutional money appeared poised to flow into the cryptocurrency market has had a positive effect on the sentiment of the markets.

Bitcoin Cash also showed extremely strong momentum in the past 24 hours and was up by over 9% to trade at just below the $800 level. News that Google had added information about BCH on its site was another positive aspect that caused the price to experience a considerable surge. Ethereum also saw a positive move upwards and was trading at around $470 at press time with further potential to push towards the $500 level.

Ripple also showed positive movement although the increase here was not as much as with other cryptocurrencies and was only around 6% to the $0.47 level. EOS continued its impressive recovery and was trading at just under $8 on Tuesday morning at press time – an increase of 8% over a 24-hour period but well over 20% over 48 hours. News that Bitmain and Peter Thiel had sunk a $12 billion investment into the cryptocurrency undoubtedly has added allure to the coin.

Litecoin was also up by around 7% to trade at around $83 at press time on Tuesday on increased turnover. Other currencies in the Top Ten also saw considerable increases over the past 24 hours. NEO was up by 8% to trade at just over the $36 level whilst Stellar had a more modest 5% increase to trade at the $0.23 level. Ethereum Classic surged to well above the $17 level, posting a 5% increase overall. IOTA surged above the $1.06 level, an increase of 6% whilst Ontology gained around 5% to trade at the $3.26 mark. QTUM and VEChain also recovered with increases of 4 and 7% respectively whilst Tron regained the $0.04 level on low turnover. Dash was also up by around 5% to trade at close to the $250 level.

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