Bitcoin’s spike within the last 24 hours has drawn a lot of attention. But then, what most people are interested in, is what may have caused the less volatile asset to be on the run. This was the case on February 8 when it moved from the $3,400 range to $3,600, and yesterday February 18, it spiked from $3,600 to around $3,900.
Asides Bitcoin’s sudden increment in price globally, other virtual assets like Ethereum, XRP, and Litecoin have kicked in. Ethereum, for instance, is currently trading around $147 and there are speculations that before the day’s end, it will hit $150. The last time we saw the $150 price is in early January, prior to the rescheduled Etheruem Constantinople Hard Fork.
Bitcoin’s 24 Hour Trading Volume Moves from 7 to 10 Billion
Coinmarketcap’s platform shows that prior to Bitcoin’s pump, the virtual asset’s 24-hour trading volume was around 7 billion. However, on Monday, it moved to 9 billion and as at press time, it is over 10 billion. While a breakout was expected on Sunday, it appears it happened sooner.
At this point, it is uncertain if the asset will hit over $4,000 or decline. Assumptions have been made that if this price level is maintained, then something promising may be underway. However, the bulls that caused this may decide to give it a rest by selling off and pushing the asset’s price back down.
Ethereum Gains Almost 2 Billion in Market Capitalization
Ethereum which also showed an impressive performance within the past 24 hours may likely hit $150 soon. From February 11, the asset had been trading around $120, not until Sunday night when it closed around $133. Currently, Ethereum, which is currently trading at $147 and is now the second largest virtual currency by market cap.
It is also worthy to note that between February 16 and February 17, this asset gained almost 2 billion in its market cap. Since February 11, the market cap was around 12 billion before it increased to 14 billion on February 17. Yesterday, it moved to 15 billion which is the same as at press time.
Some Stablecoins Devalue Slightly
While Bitcoin and some major altcoins are on the rise, the same cannot be said about some stablecoins like Paxos Standard. It does not come as a surprise since people tend to convert to stablecoins if the price of other assets is falling in order to maintain value. Likewise, an increment in Bitcoin’s price and other altcoins will only increase the conversion from stablecoins to the latter in order to take advantage of the price increment.