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…
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.
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
Last modified: January 24, 2020 11:04 PM UTC