The past 24 hours was a rare spectacle as the entire crypto market exploded like fireworks overnight. Just when everything seems to be finally going south, bulls appeared and pumped the entire market.
The entire crypto market went ballistic with a fresh $10 Billion addition to the market capitalization pushing the balance at $121.7 Billion. The trading volume surged to $24.9 Billion from yesterday’s $16.6 Billion as traders and investors poured their investments in the altcoin markets resulting in a lower Bitcoin dominance today at 52.9%.
After a week of flat trading, the weak and beleaguered Bitcoin finally moved again and this time going upwards in the early hours of Friday. Starting from its yearly low at $3390, then hitting momentum and breaking resistance at $3500, it proceeded to hit another resistance at $3600. Currently, it is trading at $3672 and up by 7.18% gain on the day. The daily volume has surged from $5 billion to $7.8 billion, the highest it has been since the bounce off the bottom in mid-December.
Ethereum, which has been showing positive signs all throughout the week did not hesitate and followed earnestly. At the time of this writing, Ethereum is almost at $120 and up by 11.41%. This move lessened the gap with XRP which only gained 5.59% during the day.
The rest of the Top 10 is a picture of delight as several coins performed above expectation during the bull run. Litecoin is a continuing revelation as it made another 23.31% on the day, bringing the price from as low as $33 to $44.80 at the time of this writing. It has been announced that Litecoin Foundation has partnered with the software company called Beam with the mission to improve privacy, scalability, and fungibility. EOS is playing catchup with Litecoin at 14.60% gain on the day. Just outside the double-digit performance are Bitcoin Cash and Binance Coin, both at 9+%. The rest are at 5-7% gains which is better than their average performance for the past week.
The Top 25 is having a solid day as well with the majority at 3-8% gains on the day. Leading the group is Cardano which is up with 11.48% gain. Dash and Neo are both at 9% gains.
Down the Top 100, the revelry is ongoing with too many gainers to list. But the leading coin at the moment is Bitcoiin (with a double i) with a 51.15% gain. Apart from that, Metaverse ETP has captured 28.82%, and both Ardor and Ark each got 16+% gains on the day.
So what can we expect after this? Analysts are still undecided, Some are leaning to this movement as a signal that the Bitcoin floor has been hit, and possibly the end of the bear months. Some are saying that the signals are still in favor of the downtrend and the bear market is far from over. So either way, buyers beware!