Bitcoin Price Surges 5% to Move above $7600 in the Crypto Market Rally

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Bhushan Akolkar
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It’s a good start to the week as Bitcoin and the majority of altcoins have turned green in the crypto market rally. In the last 24-hours, the overall cryptocurrency market added $10 billion.

Simultaneously, the BTC price has surged nearly 5% moving above $7600. Bitcoin is currently leading today’s market rally with Ethereum posting under 3% gains. Last week, Bitcoin was struggling to cross $7000 and instead went all down below $6600 levels.

However, it quickly managed to cover its lost ground and surge above $7000 levels. Today’s BTC price rally comes as a huge breather to its investors. With today’s price surge, Bitcoin has covered 15% gains from its weekly low.

At press time, Bitcoin is trading at $7551 with a market cap of $137 billion. Moreover, with today’s price surge Bitcoin’s dominance in the crypto market has moved above 68.5%.

As for altcoins, the situation also looks rather positive. Over the last 24 hours, XRP has gained around 1% and reached 0.20%. Bitcoin Cash has gained over 3% and now is trading for $195. Litecoin‘s increase is around 2.5%. At the current moment LTC price is $42.

Bitcoin Price Rocky Ride

Last week on December 17, the BTC price went crashing downwards to $6600 breaking all support levels. The price was reportedly the result of a massive sell-off by PlusToken scammers. A report from Chainalysis showed that the China-based PlusToken platform cashed out 25000 BTC tokens in a go. However, not many details about this scam were available and Bitcoin quickly recovered from this fall.

Later in the week, Bakkt‘s Bitcoin futures volume hit its all-time high taking Bitcoin price higher. As it has been reported by CoinSpeaker, there was a massive open interest for Bakkt Bitcoin Futures. Just in three months of launching its Bitcoin Futures contracts in September 2019, Bakkt has successfully managed to stir massive institutional interest in the market.

Seeing higher institutional interest, cryptocurrency derivates platform ErisX launched a similar product in the market. ErisX’s newly launched physically-settled Bitcoin Futures contracts will compete directly with Bakkt’s offering. Investors can’t participate through brokerages or futures commission merchants until next year.

Now, with just seven days left for 2019, everyone is looking into how will 2020 turn out to be for Bitcoin investors. One of the most-important events Bitcoin-halving is scheduled in mid-2020. A report from Blockchain Capital also suggests that Bitcoin will climb past its all-time high of $20,000 next year.

Along with BTC gains, the top ten altcoins are showing 2-5% gains in today’s market rally. It remains to be seen if the market can sustain this momentum and take the rally further before bidding adieu to 2019.

Author: Bhushan Akolkar

Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.

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