Digital currency markets are once again on the rise as the entire market capitalization of more than 5,000 coins has exceeded the $200 billion mark. This increase in crypto coin values and trade volume occurred alongside the recovery experienced on Monday by traditional equity markets from giant capital. On Tuesday, 7th April 2020, most of the top ten digital assets are between the ranges of 4% and 14% and the last 24 hours have seen crypto trading volumes double.
In the last couple of weeks, crypto traders and proponents of digital currency were wondering about the future of Bitcoin and the slew of other cryptocurrencies in the industry. On March 12, 2020, the entire crypto market lost a whopping $44 billion in terms of market capitalization. The day came to be known as ‘Black Thursday’ for the industry. As far as Bitcoin is concerned, its price dropped down to $3,870, but the pioneer cryptocurrency did manage to regain some of the losses the following day as its price on March 13 was between $5,300 and $5,600 per coin.
Since the low, Bitcoin has gained 30% and as of April 7th, its price is meandering between $7,300 and $7,425. In the last 24 hours, Bitcoin has increased by about 4% and it is 15% up for the week. As for Ethereum, its current market update price is $174 and it has experienced 13.3% in a single day. After Ethereum, there is Ripple, which is being traded at $0.20 as its market is up by 6.8%.
As far as Bitcoin Cash is concerned, its value was $259 on April 7th, which marked a 7.2% gain within the last 24 hours. On Tuesday, the top trading pair with Bitcoin Cash was Tether, which captured almost 63% of all its trades. This was followed by BTC at 20.71%, USD at 9.42%, KRW at 2.19%, ETH at 1.65%, EUR at 0.91% and JPY at 0.82%. The liquid market cap of Bitcoin Cash is hovering around $4.8 billion as of April 7th and it is the fifth most traded cryptocurrency after EOS and above LTC.
According to experts, a reduction in exports from big Asian economies like South Korea and Japan had hit equity markets all over the world. This had led to a decline in the FTSE 100 and the S&P 500. However, it was worth noting that cryptocurrency markets seemed to have bucked this trend. During this difficult period, it seems that Bitcoin as well as other altcoins are doing quite well, in comparison. Bitcoin has been in a kind of consolidation phase as its value is ranging between $6,000 and $7,000.
There have been an odd spike, both up and down, but the price has remained solid. As the Fed is implementing the policy of quantitative easing and buying assets, there is a good chance that Bitcoin market update will be pushing $7,500 in the short-term. Crypto investors don’t seem to be very worried. In just one week, the sentiment amongst crypto investors and traders has changed from bearish and bullish.