The total cryptocurrency market cap grew by 4.9% today to reach $265 billion, with Bitcoin seeing a bullish +6.2% push that drove the price back above the $10,000 milestone. Ethereum saw a slightly smaller price increase, gaining about 4% and approaching $180. The second-best performer in the crypto top 10 was BNB, although this might not come as too much of a surprise, as BNB was affected very heavily by last week’s crypto downturn.
Overall, 80 of the top 100 cryptocurrencies have risen in price in the last 24 hours, with 7 gaining 10% or more.
Just like last week’s sell-off, today’s rally was likely not affected by any particular piece of news. One bullish factor that can be considered for the cryptocurrency market is the upcoming launch of Bakkt (September 23), although there’s an argument to be made that it’s already priced in by now.
While Bitcoin wasn’t the only cryptocurrency to show positive price action today, BTC did outperform most of the top 100 coins, coming in at 12th place when sorting the top 100 by 24-hour change. As a result, BTC dominance grew by 0.7% and is now just slightly below 70% – a level we haven’t seen since the first half of 2017.
With today’s price spike, Bitcoin recovered all the losses from the big sell-off on August 28. Now, we’ll have to wait and see if the world’s top cryptocurrency will post another lower high or if the bulls are ready to make a drive towards $11,000.
The top 5 gainers all come from the lower part of the crypto top 100 – notably, MimbleWimble coins Grin and BEAM both posted double-digit gains. THX, OSC and VITAE were also among the biggest gainers, although the three coins did not see impressive trading volume. Just outside the top 5, Enjin recorded a nice 11% increase on the day.