Crypto markets surge to nine month high; Bitcoin, XRP, BCH, EOS and IOTA commanding things.
Market Wrap
The ice has melted. Crypto winter is now over as markets surge an epic 13 percent on the day to hit a new high not seen since September last year. Bitcoin has led the pack once again but some of the altcoins are getting double digit gains today. Total market capitalization has pumped close to $240 billion, doubling since mid-February.
Bitcoin breezed past $8,000 a few hours ago to record a high of $8,050, its highest price for almost nine months. The monumental daily pump is the second time in less than a week that BTC has surged by a thousand dollars. The big pullback that everybody has expected has not arrived yet and momentum is still extremely bullish for the king of crypto.
Ethereum has finally broke and remained over $200 as it too grabs the coat tails of Bitcoin and rises 10 percent. ETH was trading just below $210 at the time of writing and is likely to go higher according to the technicals. ETH has not had a sustained run above $200 since early November and the FOMO is getting shared around today.
The top ten is on fire at the moment. XRP has shot off like a rocket with over 20 percent added in its largest single move since December last year. Currently trading at $0.387, XRP volume has pumped to over $3 billion. Bitcoin Cash is getting a double digit gain of 11 percent as it knocks on the door of $400 and EOS is over $6 again with 12 percent added on the day. Even the lack luster Stellar and Cardano are pumping ten percent today as the altcoins awaken.
The party has continued into the top twenty during Asian trading with IOTA getting the biggest gain of 13 percent to reach $0.353. Double digits are also cranking prices up for Monero, Dash, Ethereum Classic, NEO and Ontology.
FOMO: Ripple Army Marches
XRP its today’s top performing crypto asset. Forbes has run a piece on the expansion of the XRP ledger and the company has been relentless in securing new banking partners. Holo is the second best performing altcoin in the top one hundred at the moment as it surges over 15 percent. There are too many other altcoins in double digits to mention here at the moment.
Not all of them have been invited to the party though. Maximine Coin is dumping again with MXM at the bottom of the pile dropping 8 percent. KuCoin Shares is the other big loser today with a 6 percent slide.
Total crypto market capitalization has surged by a monumental $27 billion over the past 24 hours. At $238 billion things have not been this high since early September, nine months ago. Back then the trend was downwards, but over the past three months things this time have been on the up. Daily volume is approaching a record high of $95 billion as fomo grips crypto land once again.
Market Wrap is a section that takes a daily look at the top cryptocurrencies during the current trading session and analyses the best-performing ones, looking for trends and possible fundamentals.