The cryptocurrency industry woke up with big news on Monday. In a development that is sure to ignite widespread interest among investors and the community in general, Bitcoin (BTC) and all the top 20 digital tokens by market cap reported price gains in comparison with those of the last 24 hours. Is this the start of an upward trend, similar to last year?
BTC, after days of hovering around less than $6,400, is up 1.57 percent in the last day and is trading around $6,414.17. After losing value between October 29th and 31st, the world’s most prominent cryptocurrency is trending up in November and surpassed $6,400 for the first time in quite a while. The most optimistic people in the business think that BTC will push towards $6,500 very soon.
A Good Start to a Promising Week
Although Bitcoin still has monthly losses in the 3.3 percent range, the week is off to a promising start, being 2.2 in the green side of the spectrum. The trading volume for BTC is also higher today, at $4.4 billion for the last 24 hours. In the slow month of October, the token was mostly stagnated in the $3.2-$3.6 billion range, outside of a $7.4 billion surge on October 15th.
Those investors that hold Ethereum (ETH) coins are the ones celebrating the most with the surge occurred in the last 24 hours. The token grew by an impressive 5 percent in the mentioned timeframe, and is now trading at $210 after weeks of moving sideways just as the rest of the market. For the week, ETH is holding strong at 8 percent in the green, but there is still ground to cover if one takes into account that the monthly losses account for 7.7%.
Everything is Trending Up in the Crypto Universe!
The good pieces of news do not stop with the latest development of BTC and ETH. All the other altcoins in the top 20 according to market cap experienced varying degrees of growth in the last 24 hours, confirming an industry-wide surge that has people dreaming about a similar scenario of that what happened in late 2017 and early 2018.
Back then, Bitcoin’s price skyrocketed all the way towards the $20,000 while most altcoins also experienced historical increases in value as a result. However, the dream began to end after January 8th, and the rest of 2018 has been a bitter disappointment from the price perspective. Other aspects, such as mass adoption, have been improving considerably.
Altcoins Are Also Surging
Most of the altcoins in the top 20 gained between one and three percentage points in the last day. However, DASH surpassed that number and experienced a 5 percent growth, comfortably trading at $168 at the moment of this writing.
IOTA (MIOTA) and Bitcoin Cash (BCH) saw their value increase by 3 percent, while the promising platform VeChain (VEC) grew by nearly 4 percent and is trading at $0.01 at the moment of writing this piece.
The total market capitalization of all digital assets started the week at $203.5 billion but is now up to $212.66 billion.
It is noteworthy that earlier today, cryptocurrency derivatives platform BitMEX made public the launch of a “network monitoring tool” for Bitcoin and Bitcoin Cash, named ForkMonitor.info. According to Cointelegraph, it will be used to monitor developments during “network upgrades” (softforks or hardforks). The timing of the announcement lines up perfectly with the scheduled BCH hard fork, which will take place on November 15th.
By Andres Chavez