Bitcoin Spikes Above $3,700 As Top 20 Cryptocurrencies on the Market Flash Green



Last Updated: February 9, 2019 at 12:39 PM EST
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Bitcoin may have shown an unimpressive performance some days ago, but the same cannot be said about the past 24 hours. The market is looking green and there are a lot of potentials out there. On Friday, February 8, Bitcoin began its journey from the $3,400 price level it had traded for days to $3,600, before briefly sitting on $3,702 on Saturday, February 9.

Bitcoin is Now Valued at $3,675 Per Coin

As at press time, Bitcoin is trading at $3,675 which is a big deal given that one could predict its price some days ago even without looking at a price chart. Its volatility was low and as such, it was fluctuating less. However, the same cannot be said about the past 24 hours given that it has spiked from $3,450 and high enough to test the $3,700 price point before retracting.

It may also be worthy to note that the top 20 cryptocurrencies by market capitalization have also picked up in price. Ripple’s XRP, for instance, the second most popular cryptocurrency based on its $12.8 billion market capitalization has recorded a price swing. From an opening price of $0.29 on Friday, the cryptocurrency is now trading at $0.31.

Ethereum, on the other hand, has also received a wake-up call. Having declined to $104 on Thursday and looking like it might just hit under $100, is now showing an upward price trend. The virtual asset as at press time is trading at $120 and it accounts for over 10% increment in comparison to its price on Friday.

Litecoin Records Most Remarkable Price Increment

Litecoin, the fourth largest cryptocurrency by market cap whose price has also spiked, can be said to be the most remarkable of them all. In this case, the virtual asset spiked over 20 percent on Friday. Opening at a price of $33.24 and closing at $43.46. However, it is currently trading at $44.71.

Litecoin’s performance can be said to be the most impressive because this is its all-time high within the past 3 months (November 20). The performance can be attributed to something more than the change in Bitcoin’s price. Here, Litecoin Foundation, the company behind the asset partnered with Beam in order to use the Mimblewimble protocol that boasts of fungibility, privacy, and scalability.

Generally, the market capitalization of cryptocurrencies has also increased. While the market cap was around $111.6 billion on February 8, it is now around $121 billion based on Coinmarketcap’s platform. The 24-hour trading volume has, however, maintained its stance at $24 billion as was the case 24 hours ago.

Potentials Brought by Bitcoin’s Price Increment

While this increment in price might not look substantial, it holds several promises. For starters, cryptocurrency exchanges rely on this volatility to make more profit. This is because investors are more willing to trade when the market is more volatile. As such, more trades mean more fees imposed on transactions.