[2018-02-07] Bitcoin Jumps Over 20 Percent as Crypto Markets Regain Poise

[Terraformer]

Cryptocurrencies are trading in the green today after a tumultuous seven days.

In the last 24 hours, the total market capitalization of all cryptocurrencies has increased 25 percent to $352 billion, as per data provider CoinMarketCap. The total value had dropped to $276 billion yesterday – the lowest level since Nov. 26.

Though a welcome development, that figure is still down at least 30 percent from last Wednesday's high above $500 billion. Further, it's still 57 percent down compared to the record high of $830 billion seen in January.

As of writing, the top 10 cryptocurrencies by market capitalization are reporting double-digit gains.

Bitcoin, the world's largest cryptocurrency by market cap, has appreciated by 22 percent in the last 24 hours, again according to CoinMarketCap. As of writing, CoinDesk's Bitcoin Price Index (BPI) is showing the average price across global exchanges at $7,845.

So why the upturn? For one, market observers have told CoinDesk that the U.S. Senate's softer approach to regulating bitcoin, publicly discussed yesterday, bodes well for cryptocurrencies.

Furthermore, as per technical studies, the bitcoin sell-off looked overdone and a correction upwards was overdue. BTC could also be pulling up other cryptocurrencies, given the tight correlation between bitcoin and other cryptocurrencies.



Continue reading >> https://www.coindesk.com/bitcoin-jumps-over-20-percent-as-crypto-markets-regain-poise/

[laurenB7742]

Of course, if the price of bitcoin increases, most altcoins will do as well. It's interesting that most altcoins have even bigger gains than bitcoin when bitcoin grows. I remember other times when altcoins couldn't follow bitcoin because too much money was going into bitcoin.

[Bitcoin-Pro]

weak hands will cry now because of selling bitcoin at low price 

[Betwrong]

Good news for some and not so good for others who wanted to buy as much coins as possible at the lowest price. To tell the truth I thought BTC will go down further and that recovering will take at least 4-5 months. I've never thought it won't recover but I thought it will take more time and thought it was a good opportunity to collect more coins meanwhile. Well, hurry up people if you want to buy some at below $10k.

[superjeyy]

It's good that after a few days, Bitcoin is starting to show some greens to which seems to be the stage where it is gradually recovering. However, we should all still be open to the fact that anything can still happen in this platform due to its volatility that often leads to the uncertainty of the movement. This situation just proves how patience pays off and how Bitcoin always comes through. May this be the start to more better days in the market.