The crypto market continues its strong growth as prices surge ahead. Most of the altcoins have clung on to Bitcoin as the market leader pushes ahead, many altcoins have registered double-digit gains over the past 24 hours.
Bitcoin’s historic rally yesterday ended with BTC pulling back to $4,700. But Volume has continued to rise and is now at $24 billion, record numbers which ultimately helped BTC break $5k again a couple of hours ago. Many analysts and observers are predicting BTC to break the $6,000 barrier.
Etherium seems to have finally caught a break as prices pushed up to $166 in a 12% gain over the past 24 hours. Analysts are pointing to $200 again if the momentum is sustained. Though ETH has found itself facing stiff competition from other altcoins XRP is not one of them. The Ripple token only managed to add 8% on the day taking it to $0.35.
The top 10 list sees Bitcoin reigning supreme as the market leader pulled well ahead of the competition as it surged 45 percentage moving from $180 to $255 over the past 24 hours. The pump appears to be fomo driven in the market wide rally as multiple coins find themselves on the receiving end of major good times. Litecoin beat EOS ended up 22 percentage pumped reaching $8, while Cardano posted strong gains of 16 percentage beating Tether to ninth position. Bitcoin SV ended the day as a big winner with a jump of 23% to $85, NEM posted a strong showing as it gained 20% on the day. Monero, Dash and NEO have all gained almost 10% over the past 24 hours, Maker though seems to be the biggest loser yesterday as it has failed to register any new gains and remains at $740.
The Ongoing Stampede
Augur is second behind only Bitcy Cash in the top one hundred best performers list with a jump of almost 40% to hit $23 before a slight pullback. An app update has just been issued by the predictions based token project. Metaverse ETP is pumping 30% and Dogecoin continues to climb as it rides on its April Fool joke.
Altcoins are enjoying good fortune almost across the board at the moment but ABBC Coin is one of the few suffering right now dropping almost 10% from previous pumps. Ravencoin has suffered a dip of around 4% on the day.
Total crypto market capitalization has hit an annual high of $171 billion as the past 24 hours saw $10 billion injected into the market. Daily Volume has hit a record high of almost $90 billion, as per Coinmarketcap.com. This has beat the peak of 14 months ago when prices were through the roof. Volume is often indicative of greater things to come so all things indicate to the bull run just getting heated up.
This tweet by @TheCryptoDog paints a very promising picture:
https://twitter.com/TheCryptoDog/status/1113289987892576256
Bitcoin the hero
Bitcoin futures had a strong showing on Tuesday as the Cboe and CME April contracts gained by over 16% to $4,805. Bitcoin hit as high as $5100 as it surged over 17% on Tuesday, followed by a widespread altcoin rally posting double-digit gains.
Speaking to Barron’s, Gabor Gurbacs, digital asset strategist at VanEck, lays the credit for Bitcoin’s recent price spike to its highest level since November 2017 to the futures market.
“CME Bitcoin futures expired last Friday. A large chunk of positions were rolled (buying) into the new front-month BTC futures contract. Over the weekend, heavy spot Bitcoin and over-the-counter buying followed the Bitcoin futures contract expiration pushing BTC price up slowly and gradually. As the price moved up in increments, over $500 million shorts have been liquidated on leveraged crypto derivatives trading platforms around the world.”
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