In yet another favorable weekend, Bitcoin price has gained 5 percent in a matter of hours. Its strong performance resonated across the market, causing other major cryptocurrencies like Ethereum (ETH), Ripple (XRP), and EOS to surge as well.
Bitcoin Price Marks A Clean Breakout Over $4,000
My Bitcoin News reported earlier this week that Bitcoin’s price hit $4,000, marking the highest volume day in 10 months.
Shortly afterward, the cryptocurrency had another leg up, spiking upwards of 5 percent in a matter of hours. At the time of this writing, Bitcoin is trading at $4,168 according to data from CoinMarketCap. The current price point of Bitcoin also marks a 2-month high.
Back on February 21st, Futures Now trader Jim Luorio said that if Bitcoin starts trading over $4025, this is “going to show some ambition in the asset.” With the cryptocurrency currently trading well over that mark, could we be seeing a change in sentiment?
A new survey carried out by eToro backs that up, revealing that almost half of millennial online traders have more trust in cryptocurrency exchanges compared to the US stock market.
Additionally, CME Futures contract saw a daily all-time high on February 19th, as there were more than 18,000 contracts trading on that day.
The Market Follows
In what’s turned customary for the cryptocurrency market, following the positive spike in Bitcoin’s price, other major digital currencies have also marked substantial increases.
Ethereum (ETH) is now pulling further away from Ripple (XRP), marking an increase of over 10 percent in the last 24 hours. At the time of this writing, ETH is trading at $163.15, while it’s market cap sits at more than $17 billion, cementing its position as the second largest cryptocurrency.
Ripple (XRP) has also moved up. The asset gained 5 percent on the day, now trading at $0.33, while its marked capped is almost sitting at $14 billion.
Another serious increase is seen in EOS. The cryptocurrency gained over 11 percent of its value in the last 24 hours, now sitting at $4.29.
The entire cryptocurrency market gained almost $10 billion as a result of the latest rally.
What do you think of Bitcoin’s price? Do you think the bulls are back in town? Share your thoughts down below!
Charts by CoinMarketCap
Cover Photo by Pixabay