Bitcoin had managed to surge back over $6,500 within the last 24 hours, as it’s total market cap has risen to over $212 billion. The dominating digital currency was looking bound to fall below $5,000 after its poor run since the beginning of August. However, BTC has gained over 8% in the last 24 hours.
Mati Greenspan, senior analyst at eToro, states that this surge in pricelist be the result of a whole new set of buy-ins. He explained that once the price of BTC fell below $6,000 and was looking to go below the $5,000 mark as well, more and more people received incentive to buy the coin, especially considering how often BTC has shown the potential to bounce back and begin peaking.
Greenspan also brushed off fears regarding a crypto crisis, explaining that high price volatility was standard between $5,000 and $8,000. He said:
“The range we’ve been watching on bitcoin has been holding rather well. Since the beginning of the year, we’ve seen buyers stepping in about halfway through the $5K handle, which is approximately what analysts estimate is the cost to mine bitcoin.”
Not one of the top 100 cryptos has had a negative price change within 24 hours. Ethereum, the second largest coin, is only barely above the $300 mark. ETH prices had fallen below $300 for the first time since November last year.
However, ETH led among the top cryptos, gaining 16%. Other notable profits include XRP (15%), LTC (14%), and EOS (12%). Nano, ranked 43rd among the top 100 coins, showed a gain of 47%.
The current situation among cryptocurrencies only serves to prove that the entire market is still very closely correlated. Once, investors resumed a wave of buy-ins into BTC, it kickstarted a revival in the value of not only Bitcoin, but the entire market as well. Bitcoin still dominates cryptocurrency shares with a 50% hold over the market, showing that investors still prefer BTC over other coins.