The weekend started well for the cryptocurrency market – and Bitcoin was the first to climb to more than $9,200, followed by another sudden increase that made it soar above $9,300. Currently, the leading cryptocurrency is valued at $9,326 and its tokens record gains.
Throughout today, the leading cryptocurrency and the rest of the market recorded strong gains as the valuation of the total market rose to $429 billion and is coming closer to the $430 billion mark.
However, Bitcoin was not the best performer on the list. The cryptocurrency that rose 16% in a single day was EOS, recording massive gains compared to all the leading cryptocurrencies and the US dollar. With that, EOS also overtook Litecoin and became the fifth largest cryptocurrency with a market cap of $15.6 billion.
The crypto tokens also performed well as investors began taking more risks and allocating their funds in more volatile digital assets and currencies. ICON, WanChain, OmiseGo, Tron and Storm were all tokens that recorded major gains against Bitcoin and the US dollar over the past few weeks.
Even though Bitcoin has been highly volatile over the past week, it may be because of the sale of the Mt. Gox trustee funds ($140 million). What is good about BTC currently is that despite that wallet move of 17,000 bitcoins, the cryptocurrency is climbing.
Overall, more and more investors, retail traders and hedge funds are optimistic about the short and long-term trend of the crypto market. This week, the CEO of the crypto-focused hedge fund Pantera Capital said that it expects a $40 trillion market in the long run.
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