- Cryptocurrency market adds $50 boost following a super price surge
- Prices drop after the major rise as readers selloff
The cryptocurrency market has always been a volatile one. Even if it is getting more mature by the day, volatility is still a problem. However, cryptocurrency traders only see downward volatility as a problem. When the volatility leads to the price of the tokens upward, they are totally fine with it. Over the last few days, the price of cryptocurrencies has fallen significantly with traders predicting a new bottom for Bitcoin. This morning, in an unexpected turn of events, the cryptocurrency market experienced a 25% surge adding $50 billion in less than an hour.
Bitcoin, Ethereum, XRP, and Other Altcoins Surge
Bitcoin, the top cryptocurrency per market capitalization led the surge in the price of cryptocurrencies and the entire market recorded gains. The price of the Bitcoin BTC token moved as high as $10,700 amid the surge. However, at the time of writing, it had corrected lower and was trading at $8,865.59. The total market capitalization was still above the $240 billion levels as the price of altcoins held the entire market. The total market capitalization is down by $20 billion from the $260 level it reached during the surge.
Bitcoin (BTC) Price Today – BTC / USD
# Name Price 24H % 1 $7,251.55
At the time of the surge, the price of Ethereum ETH increased by up to 15% as it touched the $190 level. Ripple XRP was able to move to by 9% reaching the $0.30 level for the first time in weeks. The price of Bitcoin Cash BCH surged by a whopping 24% testing the $265 level. The digital silver, Litecoin moved up by 18% and EOS surged by 20%. NEO tested the $8.70 level reflecting a 25% surge in price.
Bitcoin SV increased by over 28% reaching the $140 level, Binance Coin BNB surged by 14% to $140. Meanwhile, as the price of most altcoins surged, Stellar Lumens underperformed rising only by 6.5% against the USD trading at $0.064. Other tokens that performed poorly included IOTA, Tron, Monero, and LEO.
What Led to the Surge in the Price of Cryptocurrencies
There are many possible reasons for the surge in price. However, many traders have said that this particular surge in the price of Bitcoin and every other cryptocurrency was due to the comments from Xi Jinping, the Chinese president. Jinping said that the Chinese government was working on the development of blockchain technology within the country.
Other possible catalysts are the close of CME futures and the high returns of Bakkt futures trading. Whatever the catalyst was, things seem to have settled as the price of all the major coins are now moving lower against the USD.