Bitcoin price has jumped 8 percent over the last 24 hours, bringing the total cryptocurrency market cap to over $120 billion USD.
What a difference a day or two makes. The last few weeks have seen an almost endless number of articles discussing the ongoing bear market for Bitcoin and other virtual currencies. The “crypto winter” has driven off the sunshine advocates and brought joy to the blackened hearts of nocoiners. Yet Bitcoin has proven resilient, despite being called dead hundreds of times already. In the past 24 hours alone, Bitcoin price has jumped 8 percent and brought the rest of the crypto market with it.
Bitcoin Price Rises
It was not that long ago that everybody was noting that Bitcoin had fallen in price for six straight months. While such a circumstance could be viewed as grim, the reality is that there was one major fall in price. The rest of the six-month period was of considerable stability.
Of this six-month downturn, market analyst Jani Ziedins gloated:
There are cases like the dot-com bubble where the revolution was legitimate, the investors just got excited a little too early. Will bitcoin do the same in 10 years? I have my doubts.
First, the magical thing about bitcoin was that by design it has a fixed supply. That was supposed to prevent manipulation and inflation. Bitcoins would get more valuable as time went by and their popularity increased. And that would have worked in a bubble. But bitcoin didn’t operate in a bubble and its popularity attracted countless copycats that greatly diluted the cryptocurrency market.
This morning, BTC moved upward to $3,703. This was its highest total since late December of 2018. As of now, the price of Bitcoin is now at $3,664, an increase of 7.81 percent over the last day.
Perhaps one reason for the Bitcoin price surge is that Robert J. Jackson Jr., an SEC commissioner appointed by President Trump, said he believes that a Bitcoin ETF will eventually be approved.
Market Follows Suit
The cryptocurrency market has followed suit to the Bitcoin price increase. Only 3 of the top 100 coins have decreased in the last 24 hours. Looking at CoinMarketCap, it’s a sea of green right now.
Of the top 10 coins, XRP has gone up 6.53 percent, followed by Ethereum at 13.11 percent. Litecoin is going crazy with a surge of 27.63 percent (perhaps due to possible future privacy features), and EOS has increased 14.75 percent. The rest of the top 10 have increased as follows: Bitcoin Cash (10.79 percent), Tether (0.22 percent), TRON (5.03 percent), Stellar (7.82 percent), and Binance Coin (9.26 percent).
The overall market cap for cryptocurrencies is at $120,729,319,123. This is an increase of almost $10 billion since yesterday. Not too shabby for a single day. However, it should be pointed out that this does not mean that the long-hoped-for bull market is here, but it is nice to see some positive action to spike the nocoiners and their constant FUD.
What do you think about this recent BTC price surge? Let us know in the comments below.
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