It’s been months in the making – a cryptocurrency market bounce that results in a sea of green with the majority of cryptos gaining double figures on the day with a US$10 billion injection pumps crypto markets. From almost dropping into double digits, the total market cap has gained a solid 14% from its yearly low over the weekend.
Bitcoin (BTC) sparked off the rally yesterday when it jumped over 10% from US$3,260 to over US$3,600 before pulling back a little. Fears of BTC falling to or below US$3,000 have been very real recently, however it managed to find support at US$3,200 and recover from there. Whether this is the start of a longer-term trend remains to be seen, but a Bitcoin bounce is almost always good news for the rest of the digital assets.
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Ethereum (ETH) has also increased around 10% taking it back to US$95. XRP (the native currency of the Ripple network) has done even better with a remarkable 18% gain at press time. This has enabled it to expand that market cap gap over ETH again.
EOS is the top performer in the top ten by a factor of two, as it surged nearly 30% over the past 48-hours propelling it into fourth spot on the charts. There seems to be no specific factors for the extra momentum, but the community is rejoicing anyway. Stellar has also had a good day with a 14% climb and the rest of the top ten are in double figures aside from one. Bitcoin SV did not enjoy the big pump as it only made a couple of percentage points.
