Bitcoin Rallies To Almost $11,000 Pushing The Entire Crypto Market Cap Up Slightly Shy Of $500 Billion
The start of this year looked quite hopeful for the cryptocurrency market which had a great run in 2017 but unfortunately, the prices have been on a bearish trend for the past few weeks. Bitcoin particularly tanked from its impressive performance with prices north of $16,000 with the price hitting a three-month low of slightly less than $6,000.
The decline affected the entire crypto market capitalization but fortunately, things seem to be looking up. Bitcoin has been recovering and this price is now comfortably above $10,000 with its actual price at $10,873 at the time of this press. Ethereum has also been recovering after its price dipped to $706 on February 6 with its current price being $943.91 at the time of this press.
Litecoin has also been recovering and it with significant gains over the past few days following the announcement that there was an upcoming launch involving an LTC-fiat payment service. The price of the altcoin tanked all the way to $108.70 on February 6 but it has since then recovered beautifully with the price at the time of this press at $222.40.
Numerous other cryptocurrencies have also demonstrated significant gains over the past few days, thus contributing significantly to the overall coin market cap which suffered great losses on February 6. Meanwhile, there has been a lot of speculation as to the reasons causing the surging cryptocurrency prices. One such reason that has been reported recently is that an anonymous buyer acquired 41,000 bitcoins worth a total of roughly $440 million. This huge purchase is said to have been made between February 9 and February 12.
Such a huge purchase would most likely lead to a lot of other investors jumping on board because it raises speculation that the price would go up and indeed it did. The performance of Bitcoin has also for a long time been known to influence the performance of other cryptocurrencies and the recent bullish trend in most altcoins might be reflecting the performance of bitcoin.
The recovering cryptocurrency prices have also demonstrated that despite a big tumble, there is still a lot of support from investors and that cryptocurrencies are here to stay. Some financial regulators have previously described Bitcoin as a bubble and a scam but despite this, the crypto market remains strong. It is currently not clear whether Bitcoin will continue rising or whether it will fall again but the current momentum suggests that the price might continue to demonstrate an impressive performance.