The market has seen a massive rally today with Bitcoin up over $500 in the last 24 hours and trading above $9,400. At press time, the flagship cryptocurrency dropped to $9,330. The overall market itself has seen a $26.8 billion increase in volume over 24 hours placing the market cap at $430 billion, more than recovering from the dip on Wednesday, which sunk the market to $385 billion.
After Bitcoin and Tether, EOS was the most traded currency and saw a 5.7 percent increase in value, now trading at over $19 per token or 0.00206788 BTC. EOS overtook Litecoin as the 5th largest currency earlier this year and has since doubled in value. Cardano (ADA) also saw major 16.5 percent gains in the last 24-hour period, now trading at $0.35 or 0.00003786 BTC.
Volatility Caused By Mt Gox?
It’s possible that the high volatility is due to Thursday’s announcement that the funds allocated to the Mt Gox trustee were moved to an unkown address. As predicted by CryptoGlobe, such an action is typically followed by a period of volatility. Over $140 million worth of Bitcoin were moved from Mt Gox’s wallets on Thursday, amounting to approximately 16,000 BTC.
The movement was reported by CryptoGround, a site dedicated to monitoring the status of the wallets for just such an occasion. It noted amounts of 2,000 BTC moved from multiple wallets.
Such a large movement could easily have created the volatility seen over the last two days. Mt Gox founder Mark Karpeles has been embroiled in lawsuits since the cryptocurrency exchange was shut down, over the loss of 744,000 BTC ($6.9 billion).
The market increase also follows $1 billion hedge fund manager Pantera Capital stating that it’s a great time to buy bitcoin and that the market “easily could go to $4 trillion, and $40 trillion is definitely possible.”