Today, the market has had one of the most prosperous days of 2019. In the last 24 hours, the market has recorded massive gains seeing the total market cap climb a little over $142 billion with Bitcoin claiming more than half of that.
In a couple of hours, Bitcoin has shot from a little under $4,000 to hit what is at the time of press a little under $4,200. The gains are spread across the market with a few top coins recording even higher gains than Bitcoin. Ethereum, for instance, has soared by over 10% to book a position above $160.
Other altcoins recording massive gains include EOS which is up by 13%, XRP soaring by a little over 4%. Litecoin, Bitcoin Cash and Tron are all up by over 5%. In the next couple of hours, the surge is expected to see a majority of coins record double digits in their gains.
This recent surge could well be the first sign that the crypto winter has come to an end. Although coins such as Bitcoin did not hit the widely presumed bottom of under $3,000, the coin might have hit a bottom and the only way now is up.
What Has Triggered The Recent Surge?
According to Mati Greenspan, eToro’s senior market analyst, the rally seems to have been triggered by a shortage in the supply of Ethereum. This could certainly be the case given how fast and how high Ethereum has soared in the last 24 hours, suggesting it has triggered the rally.
The rally comes after a week of positive news with the latest coming in the form of Samsung confirming that the latest phone from them will support crypto wallets. Prior to this, the market was receiving some bold predictions from John McAfee and Jesse Lund who have stated they believe that Bitcoin will hit $1 million. John McAfee has further stated that he expects this to happen by Dec 31st, 2020 while Jesse Lund has stated this will happen someday.
The coming week could see the market further extend its gains, a trend that will again be lead by Ethereum. Around Feb 27, the long-awaited Constantinople upgrade is expected to take place and the event might attract an even stronger bullish trend. For now, the bulls remain confident over the short-term and hope the trend can extend into the long-term.