We all just watched something extraordinary in cryptocurrency markets. A nosedive crash that scared many to the point of thinking it could go all the way to zero (for many people it was a much more emotional ride because they had just bought the top) only for the market to experience rapid recovery and retake a lot of the ground that had been previously lost. It has been a crazy month for the crypto market indeed.
Today I'm proud to report that the total market cap of all cryptocurrencies has again broken $500 bln. The total market cap is currently around $502 bln at the present moment and I couldn't be more pleased!
So what do we owe this massive recovery? Well I've been looking into this question and have found many possible answers. Firstly is that the general trend is up and has always been up since the market's inception. Secondly is the fact that many asian investors who normally exit in Jan. are getting back in early! Blockchain technologies have fueled this cryptocurrency frenzy but beyond that, it seems to just be good fun for folks that want to get a piece of the action!
Another potential reason for the steady uptick in prices may be contributed to the bullish news that an anonymous trader purchased around 41,000 Bitcoin between Feb. 9 and Feb. 12, worth around $440 mln today, Marketwatch reported. The purchase reportedly brought the BTC address total up to over 96,000 BTC, or little over $1 bln.
Now that it appears that there is a lot of potential to enter yet another bull market what do you guys expect to happen in regard to BTC and alts? Will it be BTC's time to shine alone or will ALTs get their massive recovery and spring ahead leaving BTC to catch up later?
Please leave your opinions below.
Thanks for dropping by @Techblogger!
Source:
Total Crypto Market Cap Back Over $500 Bln, Bitcoin Pushes $11K - CoinTelegraph
Image Source:
CoinTelegraph