Bitcoin Price Flirts with $4,000, Altcoins ETH, EOS and LTC Flourish

Bitcoin jumped 7% in value during Friday’s market surge which saw $13 billion added to the global cryptocurrency market cap – $5.5 billion of which found its way to BTC itself. That sent the BTC valuation to $3,956, just a few days after it threatened the $4,300 range during Christmas eve’s short lived pump.

There’s very little certainty surrounding this latest surge, especially considering that a similar pattern played out just last week. Most of Friday’s market gains came within the space of a few hours, and most of it within a frantic fifty minute window.

A recent twitter poll by eToro and Hacked’s Mati Greenspan suggests that most people believe there will be further drops before the market can truly begin to recover. And while long term investors wait for a better buy in price, day-traders can continue to take advantage of these highly volatile conditions which stand in stark contrast to all-time lows for BTC volatility just two months ago.

Altcoins Pumping

The altcoin market surged at twice the relative rate of Bitcoin on Friday, averaging around 15% growth to BTC’s 7.5%, while sharing the remaining $7.5 billion of the newfound global market influx.

Ethereum Price – ETH/USD

Ethereum hit 18.5% growth by late Friday afternoon, and the coin price only continued to pump afterwards. ETH eventually struck a dollar value of $140.06 around 00:30 UTC Saturday morning, compounding 21% growth for the twenty-four hour period.

The weekly high for ETH stands at $157.67, achieved during the Christmas eve pump. That run took $4 billion worth of trade volume to achieve – a third more than the current $3 billion, which itself was a 25% increase since yesterday, and continues to climb at time of writing.

EOS Price – EOS/USD

EOS climbed 17.8% in value during the surge, jumping from a price of $2.30 to $2.71. The vast majority of the growth came in a fifteen minute window between 15:34 and 15:49 UTC, at which time $82 million entered overall trade volume.

Volume continued to rise shortly afterward, eventually hitting $969 million. Just over 50% was in the form of the EOS/USDT pair, and the four most liquid markets were all USDT, with the next highest being EOS/ETH rather than BTC.

Litecoin Price – LTC/USD

It’s been confirmed that the Litecoin logo will be placed front and centre for the upcoming UFC 232 event. Despite technical signals suggesting an impending drop in LTC fortunes, the coin price surged 17.5% on Friday along with the rest of the market.

That took LTC from $28.37 up to $33.36 before a fallback to the $32.50 range. The coin remains 10% up for the week overall, but 11% down since December 24th’s peak.

Disclaimer: The author owns bitcoin, Ethereum and other cryptocurrencies. He holds investment positions in the coins, but does not engage in short-term or day-trading.

Featured image courtesy of Shutterstock.

Author:
Greg Thomson is a freelance writer who contributes to leading cryptocurrency and blockchain publications like CCN, Hacked, and others.