The last 24 hours have been a rosy period for the crypto market, with various top coins posting significant price surges. Besides Ethereum that has shot up by upwards of 10%, Bitcoin and XRP have also done quite well.
This comes after a long spell of bears’ dominance that has lasted for months. On Sunday 17th, Bitcoin was trading at around $3,600. That figure has now gone up to hit just “inches” away from the $4k mark. In fact, it’s almost certain that Bitcoin will soon be valued over $4,000. XRP has also jumped by about 8% to trade at around $0.335.
Total Market Cap
Besides the price surge, the total crypto market cap has also increased. Since Sunday, the market has seen a whole $12 billion increase. One fact to note is that for Bitcoin, the current surge in trading volume is the highest recorded in 9 months. At the moment, Bitcoin’s total market cap stands at $69.9 billion. Ethereum follows second with $15.4 billion while XRP falls third with $13.8 billion.
Big Question: Will This Continue?
Given the recent highs and lows experienced by the crypto market as a whole, the current market situation presents some rather captivating issues to ponder. In the recent past, we’ve seen the bulls start a charge only to be chased way back by the bears, a market situation that has heralded much of the last 6 months.
Now the question is, can the current market momentum be sustained to bring about a major bull run? If Bitcoin breaks the $4k barrier, could the bullish sentiment be strong enough to take it to $5k or above?
Crypto Big Wigs Have The Faith
As crypto prices see an upscale, various popular and influential players have come out to express their opinions. According to Tim Draper, the recent announcement by JP Morgan to launch a cryptocurrency could trigger a bull run for Bitcoin. Tim is the CEO of Graysclale Barry Silbert. Also sharing Tim’s sentiment is the founder of Galaxy Digital, Mike Novogratz.