The cryptocurrency market is making an emphatic return today after days of.
With the price of bitcoin briefly surpassing $3,700 alongside other major coins printing double-digit gains in the past day.
Litecoin, the world's fourth-largest cryptocurrency by market cap, led the charge by surging just over 40 percent from its opening price of $33 to reach a 3-month high of $47. The move was backed by $1.4 billion in trading volume, which is its most since Feb. 20, 2018, according to Coinmarketcap.
Soon after litecoin picked up the strong bid, other well-known cryptocurrencies followed suit.
According to data from CoinDesk's Crypto-Economic Explorer, seven other cryptocurrencies are currently boasting double-digit 24-hour price increases, including EOS, ether, cardano, bitcoin cash, IOTA, NEO and lisk.
The world's largest cryptocurrency by market capitalization, bitcoin is also flashing green.
BTC opened the day with a price of $3,359 but was able to rise just over 10 percent to reach a 20 day high of $3,702.
BTC's price has since slightly pulled back and is now trading at an average price of $3,625, per the CEX. In all, the capitalization of the broader cryptocurrency market has appreciated roughly 9 percent in the last 24 hours, jumping from $112 billion to $122 billion to clock its highest valuation since Jan. 20th. As it stands, the market's $122 billion valuation represents an 85 percent depreciation from its all-time high north of $820 billion set in January 2018.
Bitcoin Pops Above $3,700 As Crypto Market Flashes Green
Published on Feb 8, 2019
by Coindesk | Published on Coinage
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