Something remarkable is happening in the cryptocurrency market and Bitcoin started it. On April 2nd, it was a quiet day out here in the crypto space when Bitcoin ran past its $4,100 resistance level and other coins followed suit. When we thought it was the last of its kind, the general market capitalization hit its highest within the past 5 months.
Bitcoin, Ethereum, and Others Show Impressive Performance
Bitcoin, Ethereum, XRP, and several other popular virtual assets have made its hodlers very happy in the past 24 hours. And those who don’t own any? Let’s just say they’re hoping this is not the last of the bear market everyone has been talking about. It would mean they’ve lost out on buying these coins very cheap. That aside, what are the remarkable things that have happened so far?
First off, more money has been pumped into the market and people are buying from left and right. Hodlers have refused to sell off that easily in comparison to a few months ago. The result? The worth of the entire market of cryptocurrencies has hit its hallmark in comparison to the last five months. As at press time, the market cap is over $175 billion and the last time we saw something similar is November 17, 2018.
Bitcoin’s Market Cap Accounts for 49 Percent of Entire Market Cap
At $175 billion, Bitcoin’s market cap of about $88 billion accounts for over 49 percent of the entire market cap. It is currently trading at $5,027 and it looks a bit comfortable on the $5,000 level. In comparison with the past, only some exchanges were able to attain such a price or it flashed into that price level before rebounding to $4,900.
Could this be the end of the bear market? No one can tell of certainty. Something must have prompted the sudden hike in prices within 24 hours. Whatever it is, it could also be the reason prices start declining, but we’d hate to be the bringer of bad news. Research on the market reveals that this performance began after $100 million was pumped into the market from three different exchanges.
Bitcoin and Other Virtual Assets Percentage Increment
While Bitcoin has incremented by 5.79 percent within the past 24 hours, other virtual assets have taken it one, two, and three steps further. Bitcoin cash, for instance, is boasting of a 40.37 percent increment in 24 hours, Dogecoin is 32 percent, Litecoin 23.67 percent, Augur 22.65 percent, and NEM is 19.20 percent. In the face of these performances, Maximine Coin, the 51 largest cryptocurrency by market cap has declined by over 40 percent in 24 hours.