Crypto Markets Got $50 Billion Boost In Less Than 12 Hours: Analysis

Crypto Markets got more than a $50 billion boost in circulation in less than 12 hours as the Bitcoin rally is now considered the largest one in recent history so let’s take a closer look in the coming altcoin news today.

The crypto markets were in danger of falling below the crucial $200 billion market capitalization but the crypto markets got an addition of $50 billion back in the bloodstream. Bitcoin literally skyrocketed yesterday just after the death cross on the daily charts spelled more bad sentiment for the digital asset. From the intraday low, the king of crypto surged to hit $10,000 according to tradingview.com before pulling back to four figures again.

The move added about 37 percent to the bitcoin price from an intraday low to a high. At the time of writing, the prices settled just above $9,700 which is still an increase of more than 30 percent on the day. It has been Bitcoin’s largest single-day rally since 2011 and the crypto community is rejoicing. The bullish comments from the Chinese president Xi Jinping on the use and development of blockchain technology are considered to be the biggest catalyst for the surge but another bullish momentum has come from the close of the CME futures and a record high for Bakkt futures trading.

Crypto market capitalization was hovering above the edge of the $200 billion levels this time yesterday and a 24 hour timelapse made a huge difference as an inflow of around $55 billion took the markets back up to $260 billion. According to Coinmarketcap.com, the daily volume surged from just over $50 billion to $15 billion.

Now there is a huge green wave over the crypto markets and Bitcoin is clearly dominating the things. Ethereum also added 15 percent as it closes down on $190 and reclaims the $20 billion market cap. Ripple’s XRP topped the $0.30 resistance barrier with a move of 9 percent and Bitcoin cash came back to the fourth spot as it surged 24 percent to $265. Litecoin is approaching $60 and EOS managed to get a larger gain of $3.30. Both of the assets are still down from their highs earlier this year.

Binance coin got back over $19 with a 14 percent gain and Bitcoin SV increased by 28 percent to top $140. Stellar has underperformed compared to other assets and added only 6.5 percent to reach $0.064.