Cryptocurrency Market Surges To $365 Billion Thanks To Bitcoin And Ethereum

This week was great for the cryptocurrency market, as it made a move towards the $350 billion mark. However, yesterday was an even better day – allowing the strong performances of major cryptocurrencies like Bitcoin and Ethereum to make new gains and lead the entire cryptocurrency market to surge to $365 billion.

On top of this, it seems like the altcoins are back amidst their extreme volatility and recovery at the beginning of 2018. Despite the fact that all eyes are on Bitcoin right now, altcoins are also seen as relatively stable – at least more stable than in the previous months of 2018.

Over the past week, many alternative cryptocurrencies (altcoins) have consistently reported gains. The daily trading volume was also impressive, crossing the $20 billion mark for the first time this month – with the valuation of the market achieving a new monthly high.

Even though March and April were tough months for traders and investors, as we are approaching May the entire crypto situation is looking better. The uncertainty coming from the short-term future of the crypto market tends to fade away – especially with the larger movements from the altcoins, not to mention Bitcoin and Ethereum as the main ‘drivers of this new change’.

Speaking of altcoins, investors are more interested in cryptocurrencies like Ripple, Ziliqa, Nano, OmiseGo and others than anytime before. Some altcoins even began to outperform Bitcoin on a weekly basis – and it is possible that ERC20 tokens outperform cryptocurrencies on a monthly basis by the end of this month.

At this point, the new goal for the crypto market is the $400 billion mark. By surpassing this mark, the market would achieve a two-month high. The most likely reason for that would be Bitcoin coming closer to $9,500 – ideally within the next week.

However, Ripple, Rchain and Verge were the best performers these few days – surging 20% and measuring new gains. So, not everything lies in Bitcoin’s performance in the short term.