Bitcoin Soars 10% in 12 Hours as Market Follows Example

The price of BTC has exploded in the last 12 hours en route to a coin value of $6,465 – a sharp and swift 10.8% growth on the price of $5,835 recorded earlier in the day.

The price has since levelled out around the $6,420 mark, but continues to push upwards in spurts. Today’s price movement means Bitcoin has made net gains for the week – a phenomenon not witnessed since the first week of May.

Yesterday’s Ethereum analysis suggested that we had hit a breaking point – either the point at which the market can sink no further; or the point where we realise the entire enterprise is doomed. At the time of writing, the total 24 hour volume for the crypto market stands at $3 billion higher than it was yesterday at just under $15 billion; and all the coins under Bitcoin are being floated by the rising tide.

Indeed, Bitcoin’s price gains in the last day, while noteworthy, actually pale in comparison to some of the other green percentages popping up right now. In the Top-10 alone, Bitcoin Cash (BCH) has seen 16.5% gains; while Cardano (ADA) recorded 20% gains earlier today, before that number levelled out at around 16%.

Altcoins Rejoice

Venturing further out of the Top-10 we have Bytecoin (BCN) jumping ten places in the market cap rankings, with daily gains of over 30%. Down in 30th place Ox (ZRX) has spiked by 28%, while Golem (GNT), Status (SNT) and Mithril (MITH) have all grown by around 20% – 25%.

Of the biggest overall gainers in the Top-100, two in particular stand out. TenX (PAY) spiked 63% in the last day, propelling itself from the Top-200 into 93rd spot in market cap rankings.

The winner for the day, however, has to be Power Ledger (POWR), which saw a spike of 105% in the last 12 hours. That rate of growth has since levelled out at around 65%, but that still leaves POWR in 78th place with twice the market cap it had just last night.

Good Old Fashioned BTC

Even the most die-hard of Ethereum fans will surely be thankful for BTC this morning, regardless of their opinions on its technological worth. As always, the rising tide floats all ships, and right now those ships are setting sail for greener pastures.

The question on everyone’s mind now is: how long will these calm seas last before the next storm comes along?

Looking at Bitcoin’s movements over the past week, we see that this kind of spike occurred literally a few days ago. Granted, the overall effects were lesser, but what it shows is a pattern of short term opportunism – investors don’t yet have faith in the market to simply buy and hold. Instead they’re selling whenever we get a decent two-day spike.

We all await the moment when that tide turns; when it makes more economic sense to stay in the game rather than sell. Could today mark the turning of that tide?

Featured image courtesy of Shutterstock.

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