Bitcoin will probably breathe a sigh of relief at the current state of the market. In the last 24 hours, BTC has returned to over $ 6,500 as total market capitalization has risen to over $ 212 billion.
Bitcoin Back to top $ 6,500
At press time, BTC was trying to break the $ 6,600 mark, trading at $ 6,581. The first-class cryptocurrency seemed set to fall below $ 5,000 after a miserable run from early August. Bitcoin has gained over eight percent in the last 24 hours.
According to eToro senior analyst Mati Greenspan, the rise for today's rally can be attributed to a new wave of buy-ins. Greenspan said that once the price of BTC fell below $ 6,000 and looked set to test $ 5,000, more people were incentivized to buy the crypt.
The eToro senior analyst also appeased the fears of a crisis by saying that price fluctuations were between $ 5,000 and $ 8,000. According to Greenspan :
The range we were looking at on bitcoin was quite well maintained. From the start of the year, we have seen shoppers step over about half of the $ 5K handgrip, which is roughly estimated by analysts as the cost of extracting bitcoins.
Ethereum and Other Altcoin Post high price gains
A By the time I write this article, no currency in the top 100 ranking has a negative 24-hour price change on Coinmarketcap. Ethereum, the second rank cryptocurrency marginally returned above the $ 300 price. The ETH price slipped shortly below $ 300 for the first time since November 2017.
ETH is at the forefront in the top ten coins, increasing by 16 percent at the time of printing. Other significant gains include XRP – 15 percent, Litecoin – 14 percent and EOS – 12 percent. Nano, the cryptocurrency in 43rd place is the best gainer in the first 100 coins, increasing by 47%.
The situation observed today is an indicator of the fact that the market is still closely related. The investors who bet on Bitcoin have triggered a revival not only of the price of BTC, but also of the market. Bitcoin still maintains market dominance of over 50 percent, which means it is still the preferred choice of cryptocurrency investors.
Do you think that the current injection of money will drive the price of Bitcoin above the value of $ 7,000? Continue the conversation in the comments section below.
Image courtesy of Coinmarketcap.