Bitcoin (BTC) and Litecoin (LTC), two of the largest cryptocurrencies in the market are surging by over 11%.
The whole cryptocurrency market is experiencing gains in the last few hours. Despite the recent bearish weeks, cryptocurrencies seem to have gathered strength to start a new bull run.
Bitcoin and Litecoin Skyrocket
The largest cryptocurrency is growing by 11.65% reaching and surpassing a market capitalization of $150.75 billion. At the same time, its price crossed the $8,350 barrier and it is currently close to $8,369.
In addition to it, Litecoin surged by over 12.44% during the same period and touching a price per coin of $56.38. Furthermore, Litecoin’s market capitalization increased to almost $3.6 billion.
These are not the only two cryptocurrencies registering gains in the last 24 hours. Indeed, Ethereum (ETH), XRP, Bitcoin Cash (BCH), EOS, Binance Coin (BNB), Bitcoin SV (BSV), Stellar Lumens (XLM), Tron (TRX) and Cardano (ADA) are also expanding.
Bitcoin SV, for example, surged by 21.44% followed by Bitcoin Cash (BCH) 14.44% and EOS 12.82%.
Could Cryptocurrencies Start Growing Again?
The whole cryptocurrency has been in a bearish mode during the last few weeks. Many experts considering that Bitcoin could fall below $7,400 and reach $6,500 the next support level.
In June 2019, Bitcoin was able to be traded above $13,700 and the whole crypto community was enthusiastic about the market and how fast it was expanding.
In May 2020, Bitcoin is expected to be experiencing a halving event. This would reduce the reward that miners receive for processing transactions and confirming blocks.
Miners will be receiving 6.25 BTC per block rather than 12.5 BTC per block as they receive now. This is expected to be a bullish thing for Bitcoin. In previous halving events, the most popular cryptocurrency experienced massive growth rates the year after the event took place.
This is very important considering that Bitcoin’s all-time high was reached back in 2017 in December when the whole space was purchasing tokens from Initial Coin Offerings (ICOs). After it, the whole market entered a bear trend that negatively affected the price of most of the cryptocurrencies.
Nowadays, the top 20 cryptocurrencies are working on interesting new projects to improve the services they offer to individuals all around the world.