Crypto Market Gains $20 Billion in 24h as BTC Soars Above $19k

News / 13.12.2020

The crypto market is bullish today as the leading currency Bitcoin has returned above $19k again after a slightly bearish period. As expected, the crypto market has followed suit gaining $20 billion in marketcap in the past 24 hours.

Bitcoins Surges Above $19,000

Bitcoin has been volatile in the past week, experiencing different price swings as uncertainty plagued the market. Just 48 hours ago, the primary coin dipped from around $19k to as low as $17,500.

The dip in price caused massive losses for traders, with speculations of the coin dropping to $16k. However, the bulls returned over the weekend, with BTC moving above $18k in yesterday’s early hours. These gains continued in the last 24 hours as BTC broke above $19k on the back of positive news.

Institutional confidence in the coin is at record highs as more financial firms continue to invest in the coin. Just recently, American insurance firm Massachusetts Mutual Life Insurance revealed the purchase of $100 million worth of Bitcoin (BTC). Leading investment firm MicroStrategy also added $50 million worth of BTC to its portfolio.

At the time of publication, Bitcoin is valued at $19,300 and has increased its market dominance to 63.5%. This latest rally could be the beginning of a renewed push towards the $20k mark this week.

Altcoins Make Decent Gains

Bitcoin’s recovery has also extended to altcoins, making decent gains in the past 24 hours. Leading altcoin Ethereum gained close to 5% in the past 24 hours and is valued at $585. Binance Coin (4.07%), Polkadot (4.61%), Litecoin (7.52%), Cardano (7.02%), and Bitcoin Cash (3.75%) are also in green.

Ripple was the exception to the recent bullish run, with XRP going against the trend in the past 48 hours. This has largely been due to the Spark (FLR) airdrop snapshot, which occurred on December 12th. Since then, XRP has dropped value, but it appears to have recovered in the past few hours.

However, most altcoins have lost their value compared to Bitcoin, which has been rising in recent days. At the moment, Bitcoin market dominance is 63.5%, according to data from CoinMarketCap. As a result of the aforementioned developments, the crypto market cap has spiked to nearly $560 billion.

Olowoporoku Adeniyi is a blockchain enthusiast and crypto evangelist. Currently he loves all things crypto and covers happenings within the blockchain space.