Cryptocurrency Market Booms – EOS, Cardano, Stellar and Neo Post Big Gains

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The cryptocurrency markets finally appear to be in full recovery mode — at least as of Tuesday afternoon when all the major coins posted considerable leaps with most in the double digits.

The total market cap shot up to $291 billion, which is the highest it has been in almost two months.

Bitcoin shot upwards in a considerable trajectory, gaining the $7,400 mark in just under an hour. At around 6pm CET, the currency was over the $7,000 level, having traded in the $6,650-6,750 mark for most of the day. Then, a huge push came with the price spiking by 5% in a few minutes to gain the $,7100 level following another similar gain to the $7,400 level where it seems to have settled.

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This sudden spike liquidated a considerable number of shorts on the BTC price according to several tweets on the BimexRekt trading bot.

However, it wasn’t only Bitcoin which saw a considerable price increase, as almost all cryptocurrencies experienced meteoric rises, with EOS, Cardano and Stellar leading the pack. EOS was up by over 10% and was trading at around $8.75 at press time on Tuesday evening — a significant rise of 30% over 48 hours.

NEO was up by 9% and was trading at $39.50 at press time. Stellar was also up by around 8% to breach the $0.25 level and there appeared to be further momentum for a push upwards.

Ethereum also saw a considerable rise, although the increase was a more modest 5%, still enough to breach the $500 level. Ether is now up by around 15% over 48 hours where it was testing the $400 level only a couple of days ago. Bitcoin Cash also shot up by around 8% to reach the $850 level, whilst Ripple finally broke through the $0.50 barrier after having been well below that mark for several weeks.

Smaller market cap currencies also had an impressive boost with Cardano leading the way and jumping 10% to well over the $0.168 level.

Ethereum Classic posted slightly more moderate gains but still was trading at very close to the $18 level whilst Dash jumped 8% to the $260 level. Litecoin was up 6% to the $89 level whilst coins such as Ontology and IOTA posted more moderate gains of 3 and 5% to prices of $3.85 and $1.14, respectively. Tron was also up 10% and was almost at the $0.04 level, whilst VeChain and ICX also posted increases of around 3 and 10 percent respectively.

Featured Image from Shutterstock

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Gerald Fenech is an established journalist with more than 15 years experience in the financial, economic and business fields. Since August 2017 he has been heavily involved in cryptocurrency and blockchain journalism writing for several news sites and avidly following the crypto space.