9 Oct, 2019

Bitcoin Breaches Through $4,100 as Oil Futures Slip into Red

It’s morning of the weekend, and cryptocurrency markets are going through a major rally right now. As oil futures slipped worldwide, all major cryptocurrencies, including Bitcoin, rose more than 1%. As of now Bitcoin has crossed $4,100 mark, and seems to be headed towards $4,200 now as it’s trading around $4,150. If momentum continues, we may cross $4,200 as well in one or two weeks only.

This important development is coming after two weeks of crossing $4,000 mark. It was on 16th of March that BTC breached through the crucial $4,000 level, and today it has crossed another similarly important psychological level. The impact of its rise was also seen on the markets of other cryptocurrencies. Ethereum, for instance, rose about 3% and is currently trading at $143. XRP, the next cryptocurrency in line, is also up 1.8% and trading around $0.31.

Besides these top 3 cryptocurrencies other cryptos in the top 10 club that experienced major gains are Cardano and Bitcoin SV. While Cardano has surged 2.3% and trading around $0.07, Bitcoin SV has surged 1.49% and is currently trading around $65.

The biggest risers of the day, however, exist out of the top 10 club. Tezos, Neo and Ontology have surged 13.99%, 5.63% and 4.29%, respectively. Their current market prices are as follows:

  • Tezos:$0.9
  • Neo:$9.86
  • Ontology:$1.3

The overall market cap of cryptocurrency market right now is $143 billion, up almost 3.5% since a week ago when it was $138 billion.

Perhaps this rally is being fueled by the mixed-bag kind of returns being offered by global stock markets. Neither S&P 500 nor Nasdaq are delivering any stellar returns right now, and CBOE Volatility Index is down almost 2%. Oil futures are also offering returns in the red, so it’s possible that wealthy investors worldwide may be putting their money into cryptos for a while, especially because the volatility of Bitcoin is at a record low nowadays and it has already gone through one of its worst bear phases. And when worst is over, there only remains the space for better. So let’s see how better it gets from here!