The Market cap of the crypto saw an expansion to $240 billion after 24 hours of trading as it was powered by the rise of the Bitcoin to the $8000 level. In addition to the bitcoin, the healthy performance of altcoins also helped strengthen the market cap to this new high.
The Strength of The Altcoin
Looking at the healthy increase of the market cap, one could definitely cite the positive movement of altcoins. Among 100 of top crypto coins in the world, only 12 fell in today’s trading. The top 10 coins gained by an average 10% for the day.
Ethereum is exhibiting strong gains as it rose by 9%. It moved above the strong psychological resistance point of $200.00. The timely implementation of Ethereum 2.0 adding to this may provide enough momentum to catapult the coin to above $250, or even $300.
Ripple’s XRP was one of the strongest of the day as it gained a healthy 23% for the day. A contributing factor could partially be attributed to the enabling of XRP by coinbase for New York Investors. In addition, the stock exchange from Germany, Borse Stuttgard added XRP ETN to their roster.
Other top gainers for the day include Bitcoin Cash, EOS, and Litecoin. Bitcoin Cash went up 33.25% while EOS gained 20.94%. EOS and Litecoin gained above 17% for the day
The Bitcoin Rise Pulls Up the Market Cap
The star of the Crypto market for the day was the Bitcoin. It was one of the biggest gainers in the day of trading. It was a healthy increase as it went above the $8000 mark before settling just below it at a price of $7984. Eventhough, the bitcoin maintained its dominance of the market cap of the crypto coins at $59%, it’s strength still helped pull investors to the other altcoins.