After falling below the $4,000 mark for the first time since September of 2017, bitcoin is seemingly about to have its best day in over four months as the crypto market as a whole has already added $16 billion in only a day.
According to CryptoCompare data, bitcoin’s price has moved up over 13.4% in the last 24-hour period, as the flagship cryptocurrency is currently trading at about $4,210. It started the day at about $3,700.
The cryptocurrency’s price rise has been attributed to a plethora of different factors, including Nasdaq, the world’s second-largest stock exchange, revealing that despite the recent market sell-off, it still plans to launch bitcoin futures contracts.
Jay Clayton, the chairman of the US Securities and Exchange Commission (SEC), revealed he was skeptical as to whether a bitcoin ETF would be approved until the underlying markets were “free from the risk or significant risk of manipulation” during an interview at Consensus Invest. To quell fears of potential manipulation, VanEck revealed its bitcoin ETF would use data from the largest OTC markets.
Moreover, the world’s first multi-asset cryptocurrency index exchange-traded product (ETP) has been launched in the SIX Swiss exchange, Switzerland’s main stock exchange. Commenting on these developments Alexander Kuptsikevich, a markets analyst at FX Pro Insights, told MarketWatch:
It is worth paying attention to the market behavior near $3,500. This is an area that saw drastic increase back in September 2017, so technical analysis urges us to track the price dynamics near these levels.
Bitcoin is notably not the only cryptocurrency that has seen its price rise. At press time, most altcoins are up double digit percentages, as the crypto market went from $120 billion to $136 billion in less than one day.
The XRP token, dash, and bitcoin cash are some of the cryptos that have been rising less, and they’re up between 10% and 11%. Ethereum’s ether has risen 11.8% as it’s trading at $119,3, while litecoin, often seen as the silver to bitcoin’s gold, rose 17% to $34.7.
Privacy-centric cryptocurrencies like monero and zcash are up by 14.8% and 14.3% respectively, as they’re trading at $63.3 and $79.3. Tron’s TRX token notably appears to be rising the most, as it’s up over 25%, and is trading at $0.0147.