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Breaking News: Dogecoin (DOGE) Soars 8%, But An Uptick In This Metric Suggests A Pullback
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Breaking News: Dogecoin (DOGE) Soars 8%, But An Uptick In This Metric Suggests A Pullback
cryptocurrency

Total Cryptocurrency Market Cap Adds $20 Billion In Less Than 24 Hours

Tony Spilotro by Tony Spilotro
3 years ago
in Cryptocurrency news, Bitcoin, Ripple, Stellar
Reading Time: 2 mins read
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Bitcoin and the rest of the cryptocurrency space is currently a sea of green after today’s rally added over $20 billion in market cap to the total cryptocurrency market.

In less than 24 hours, the total market cap across all cryptocurrencies combined, grew by over 10% thanks to a massive surge from Bitcoin and continued growth in a variety of altcoins.

Bitcoin Pre-Halving Rally Brings Over $20 Billion Back to Crypto Market

The hype surrounding Bitcoin’s upcoming halving in just two weeks may have pre-emptively sparked a new bull market, as the latest rally has added over $20 billion and counting to the overall total cryptocurrency market cap.

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Bitcoin has been on a strong, upward trajectory after bouncing from the lows around $4,000 last month. The Black Thursday crash send Bitcoin tumbling and crushed the hopes for a pre-halving rally.

Related Reading | Bitcoin Price Sets Longest Stretch of Positive Weekly Growth Since May 2017 

Over the last seven weeks, however, Bitcoin has been on a tear. The last seven weekly price candles have been green, occurring for the first time since the 2017 crypto bubble.

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Today, the asset exploded above $8,700 and carried the rest of the crypto space along with it.

The resurgence across the cryptocurrency market may only be the starting. After each previous halving, Bitcoin price has skyrocketed to new highs.

Early Altcoin Season Contributes to Cryptocurrency Market Growth

Coinciding with the bullish Bitcoin event, altcoins have been showing signs of a strong recovery.

XRP and XLM, two of the worst performing altcoins over the last three years have suddenly gone on powerful rallies against both Bitcoin and USD.

Buy signals have triggered across dozens of altcoins, including the market leader Litecoin, which often rises ahead of the rest of the asset class.

Despite Bitcoin’s recent boom, BTC dominance has been dropping, signaling that an altcoin season may be on the way.

Related Reading | Latest Crypto Rally Kicks Off Day With Nearly $100 Million Liquidated Shorts

However, some analysts are concerned that any Bitcoin volatility during the halving could lead to potential problems for altcoins, that often crash when Bitcoin pumps or dumps.

The best environment for altcoins to thrive is sideways Bitcoin price action. But with how bullish the halving is expected to be, or how bearish things could turn if it doesn’t perform as expected, altcoins could suffer another crash in the days ahead.

Regardless of another trip to retest lows, most altcoins have now broken out from long-term trendlines, and with BTC dominance falling once again, most signs are pointing to not only a new alt season but a Bitcoin bull run as well.

This first $20 billion added may only be the start.

Featured image from Pixabay

 

Tags: bitcoinbtcbtcusdcryptocryptocurrencytotal cryptocurrency market capXLMxrp
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Tony Spilotro

Tony Spilotro

I'm Tony Spilotro. Behind the pseudonym, I'm a global remote work leader with a decade of award-winning content experience and excellence. Here, I explore my newfound passions pertaining to privacy, finance, economics, politics, cryptography, property rights, and other libertarian-esque views. I am a Bitcoin evangelist, maximalist, and educator whenever I can be, helping to spread its message of freedom from government control, monetary policy mismanagement, and passing the buck - literally – to future generations. My journey from a curious retail crypto investor to a serious Bitcoin advocate, trader, and technical analyst is an unusual one, but life-changing nonetheless and has become less about money and more about a long-overdue revolution. While a firm believer in the laws governing math and science, I am profoundly fascinated by the impact of astrology and astronomy including moon and solar cycles and planetary alignment and their ability to influence and potentially predict markets. It hasn't yet clicked for me as to how to put anything to use, but I consider it my current rabbit hole I can't yet dig out of. My perspective of growing up alongside the internet, the dot com era, the Great Recession, and roots in video games collecting coins and rare items caused Bitcoin to immediately make sense to me. Through all of these lenses, I seek to produce content that is educational and entertaining, and I thank you sincerely for taking the time to read what I have to say. Please follow me on Twitter at @tonyspilotroBTC and feel free to drop me a line if you would like to work together.

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