The crypto market momentum remained bullish, closing the market on Friday at $8,000 per coin just as the cryptocurrency market surpassed $320 billion. Bitcoin and other cryptocurrencies made sharp reversal from their lows a day earlier.
According to the data on CoinMarketCap, Bitcoin trading at $8028.12 levels as at the press time. The gains resulted in the overall market sentiment turning positive with other altcoins like Ethereum and Ripple making significant movements in the northward direction. Ethereum has gained more than 17.5 per cent and is currently trading at $507.95 while Ripple with over 20 per cent gains currently making $0.62.
During the same time, a cryptocurrency named Mithril has literally tripled its valuations gaining over 200 per cent being currently traded at $0.68. All in all, there is an overall rise of more than 20 per cent in the cryptocurrency market valuations, which now constitutes more than $320 billion.
Usually, Bitcoin price movements, if in comparison to other altcoins, don’t take place simultaneously, as investors are often considered to be shuffling funds between the two. However, this was not the case yesterday, as the euphoric movement had caused the overall market to make an upside move.
Well, it’s nearly impossible to point out one single factor that contributed to the price rise, but it is being said that institutional investors took the charge of the markets yesterday by pouring billions of dollars in, which resulted in such a sharp price increase.