When we covered early in the morning today that Bitcoin has crossed $12k, little did anyone know that by evening things will be at a completely different level. However, we had an idea that the way Bitcoin is moving, anything may happen by the end of day. And that’s precisely what has happened, as Bitcoin is trading above $13,000 mark now! The CMP at the time of writing this article is $13,367, which comes down to a surge of more than 17.5% within one day. The infamous volatility of Bitcoin is making its appearance once again.
Second largest crypto by market cap, namely Ethereum, is also $349 right now. It’s up more than 12%, and XRP is also trading at $0.48 (up by more than 4%). All these cryptocurrencies are at this level for the first time since October 2018. Especially Bitcoin has observed a price of more than $13k after 17 months. You can realize how big of a moment this is. The current state of cryptocurrency market looks something like this:
The reason of this surge is not clear right now, and we’ll try to analyze it in a separate post tomorrow, but one thing is clear – Bitcoin HAS tremendous value, and its value is derived from its finite supply and ever-increasing interest. No government or company in the world can snatch that value away from it.
The top risers and losers are still pretty much the same as they were in the morning, with a few differences only. Among top 50 cryptocurrencies, Alibaba Coin (ABBC) has surged the most. It has surged as much as 22.56% and is currently trading at $0.321. Other top risers include NEM token, which is up 16.31% and Decred, which is up 13.06%. While NEM is trading at $0.105, Decred is trading at $35.97.
Top losers, on the other hand, are HyperCash, Ravencoin, and VeChain. They’re down 13.08%, 7.05%, and 5.83%, respectively. Their CMPs are $5.08, $0.058 and $0.0086, respectively. Among these tokens, the decline of VeChain is quite weird as VeChain Foundation just announced a partnership with Walmart China. Its price would have gone above, but this is cryptocurrency market and here anything can happen.
Anyways, now it will be interesting to see which milestones are breached by Bitcoin in the next few days. Reclaiming $20k is not looking very difficult now.