Cryptocurrencies had a very positive day yesterday July the 17th. Bitcoin, for example, grew 10% in the last 24 hours. But most of the cryptos are registering gains, showing that the positive sentiment is not just for Bitcoin but for most cryptos in the market.
Bitcoin Spikes to $7,400
An important milestone for BTC that did not trade on these levels since more than a month. Yesterday morning, Bitcoin was traded right under $6,800, then it suddenly spiked to $7,400 and added $20 billion dollars to its market capitalization in a very short period of time.
At the beginning of the week, Bitcoin’s market cap was under $110 billion dollars, and it is currently approaching to $130 billion dollars.
The market grew vertically and most of the cryptocurrencies in the market experienced important gains. It seems that the bear market may have ended if the reversal gains momentum. During the last month Bitcoin has been traded between $5,900 and $6,700 dollars.
Since December 2017, Bitcoin is in a bear market. It was traded around $20,000 dollars at the end of the last year, and since that moment it cannot recover the price lost. Indeed, most of the virtual currencies in the market registered similar movements in January (most of them reached all time highs) but they couldn’t reach these levels again.
It is also important to mark that Stellar (XLM) registered the biggest increase in the top 10 cryptos and the second highest increase in the first 100 currencies. It took the 6th place from Litecoin (LTC) which is also in a positive trend. Stellar grew 24% in the last 24 hours and each coin can be bought for $0.288 dollars. It has a market capitalization of $5.41 billion dollars compared to Litecoin with $5.25 billion dollars.
Cardano (ADA) was also able to increase its price exponentially, growing almost 18% during the last day. It also has a market capitalization of $4.65 billion dollars and it may be able to surpass Litecoin if it keeps growing at these rates.