Investor sit as the bitcoin extend gains from yesterday’s rally. The Bitcoin remained strong for the second straight day after the currency broke key resistance levels during trading. This pushed other currencies higher because of the correlation between the Bitcoin and Altcoins in the crypto currency market.
The recent strength the Bitcoin was the fuel that brought the Cryptomarket cap swelling. The market capitalization now has increased by $40 Billion, to move closer to $170 billion market cap.
Morning Trade Pushed Bitcoin Above $5000
Early morning trading pushed the Bitcoin above the $5,000 mark and stayed there for a few hours. The Bitcoin corrected after that to drop 2% lower. The currency settled around the $4,920 lunchtime New York Time. This makes for a rise of 16.% rise for that period. The rise signifies a rally where the Bitcoin extends gains.
The Ethereum Finds Strength
The Ethereum saw an increase of almost 18% for the day. It rose to the $166 level. LiteCoin rose even higher as it went up 26.73% to go up to $79.42 for the day. The Ripple’s XRP is showing same strength as it went up 12.45% to $0.35038 for the day’s trading.
Bitcoin Cash One of the Strongest
Bitcoin Cash showed an unexpected strength, climbing over 50% for the day. It broke through several resistances from $220 to $240, then $250 and above $260 to $275 before correcting to slightly lower levels.
April Fool’s Brings Unexpected Push
Some speculators believe that the sudden surge that saw the bitcoin extend gains to new highs was brought about by an April Fool’s Joke. Earlier this week, a joke was circulated saying that the Securities and Exchange Commission has approved a Bitcoin Exchange Traded Funds.
This is a clear indicator that the Bitcoin is still susceptible to investor enthusiasm. Speculation and emotion are still key aspects when it comes to crypto currencies. This makes the block chain currencies more volatile but it also makes the market more interesting.