The recent rally of bitcoin continues today as it goes above $8,000. This was after the prior break above the $7,400 mark early on Monday, May 13. Bitcoin (BTC) price surge has, as usual, stringed many altcoins in the cryptomarket along with it putting them in the green as well.
The price of the world’s ‘cryptocurrency King’ ascended up to $8,195 at 22:30 WAT according to coinratecap.com live data feed. This reflected an increase of 17.4 in percentage and $1214 in additional value. Ethereum (ETH) has seen over the increase of 7% from 24hours ago till now. The Ethereum considered as the second largest cryptocurrency following BTC is trading at $202.65 at press time. The USD value of about 20 other cryptocurrencies are seeing notable increases as a result of bitcoin’s further break, including Binance Coin (BNB), Bitcoin Cash (BCH), IOTA (MIOTA), Tezos (XTZ), Ontology (ONT); they all have reported double-digit gains in 24-hours.
This surge is not exactly surprising as Bitcoin has exhibited bullish behavior from the start of 2019. Just a few weeks ago, bitcoin had surged upward past 6000 dollars level, then above 7000 dollar level yesterday and now sits at $8200 as at the time of this writing. Despite the initial new high $8195 of late yesterday, live updates show bitcoin is still continuously going up by the minute.
Whether the price is going up or down however, it still hovers around the $8000 mark, and this is progress. The past 90-day’s records reflect that cryptocurrency has increased 127 percent in price, nearly 60 percent of which was accrued in the last 30 days alone. The total market capitalization of all cryptocurrencies is around $241 billion at the time of this writing which is an increase from around $209 billion previously. Bitcoin’s previous total cryptocurrency market capital stood at 59.8 percent of yesterday but has climbed above 60% as of today in its share of total market cap. Bitcoin’s percent share of the capitalization of the total cryptocurrency market is the highest it has been since 2017. One can’t help but wonder if Bitcoin is on a constant increase streak this week.
Credits- Sam Oiumet, Ana Alexandre
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