Crypto Market Adds $5 Billion In Less Than 24 Hours, What’s Driving this Bullish Charge?

At press time the cryptocurrency market is outperforming in leaps and bounds, market structure has been looking highly promising with tokens and coins multiplying with gains overnight.

The current state of the cryptocurrency market is taking a recuperating pattern, one that is quite different from the patterns of last week when coins were taking a path of instability. While some tokens and coins managed to garner slight gains, the majority had been dwindling in price and volume since the past 24hrs.

This week is seeing a rather tremendous increase in trading prices, such that the overall market capitalization has skyrocketed by a whopping $5 billion.

Current market structure Against last week

At the moment of this writing, only ten cryptocurrencies are experiencing losses, all of which are ranging from 0.68% to 1.39%. Interestingly, the top 20 cryptocurrencies excluding NEO has managed to escape these bearish trend lines. At press time, Ether and BCH are the top pioneers of the bullish rally as they emerge highest gainers amongst the top six tokens.

Bitcoin at $3700

Bitcoin manages to cross the $3600 mark yesterday to land at $3745.35 and is going on to eye the $4000 level. The possibility of BTC crossing over to $4000 might be possible within the next 24hrs if its current market gains of 2.61% increases. Meanwhile, whether this happens or not, we have to credit  BTC for the $1 billion added to its market cap of $65.71 billion which has contributed to the $5 billion attained in last than 24hrs.

Ethereum/XRP

With gains of 10.53% against the USD, Ether has been able to maintain the second spot while accumulating as much as $2 billion moving it to a total market capitalization of  $14.41 billion. This increase, if maintained will potentially hinder XRP’s chances of competing with Ether.

The Struggle Between LTC and EOS

Litecoin (LTC) has also skillfully taken this opportunity to return to the fourth spot while EOS sits behind with a trading price of $2.94 which is likely to break out to $3.

Interestingly, both LTC and EOS have a market cap of $2.69 billion and $2.67 billion respectively as at press time. With a $2 million increase, EOS will be back on track. This is likely to take place seeing that EOS has attained 3.70% against LTC’s 1.24%.


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