The cryptocurrency market is making an emphatic return today after days of low volatility, with the price of bitcoin briefly surpassing $3,700 alongside other major coins printing double-digit gains in the past day.
Litecoin (LTC), the world’s fourth-largest cryptocurrency by market cap, led the charge by surging just over 40 percent from its opening price of $33 to reach a 3-month high of $47.
The move was backed by $1.4 billion in trading volume, which is its most since Feb. 20, 2018, according to Coinmarketcap.
Soon after litecoin picked up the strong bid, other well-known cryptocurrencies followed suit.
According to data from CoinDesk’s Crypto-Economic Explorer (CEX), seven other cryptocurrencies are currently boasting double-digit 24-hour price increases, including EOS (EOS), ether (ETH), cardano (ADA), bitcoin cash (BCH), IOTA, NEO and lisk (LISK).
The world’s largest cryptocurrency by market capitalization, bitcoin (BTC) is also flashing green.
BTC opened the day with a price of $3,359 but was able to rise just over 10 percent to reach a 20 day high of $3,702. BTC’s price has since slightly pulled back and is now trading at an average price of $3,625, per the CEX.
In all, the capitalization of the broader cryptocurrency market has appreciated roughly 9 percent in the last 24 hours, jumping from $112 billion to $122 billion to clock its highest valuation since Jan. 20th.
As it stands, the market’s $122 billion valuation represents an 85 percent depreciation from its all-time high north of $820 billion set in January 2018.
Disclosure: The author holds BTC, AST, REQ, OMG, FUEL, ZIL, 1st and AMP at the time of writing.
Crypto bull image via Shutterstock