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Every investor monitors how his money is doing in the market, cryptocurrency enthusiasts and investors aren’t exceptions this time as there have been steady growth in the crypto market in the last 24 hours.
Here in Nigeria, investors are happy that their monies is coming back powerfully to regain its monetary value.
Bitcoin value in the last 24 hours
The leader of the cryptocurrency bitcoin has witnessed an increase of over $1,000 as it is at the time of publishing this article stayed at $8,098.49USD, posting 6% increase.
Ethereum (ETH) jumped above $500 for the first time since March 26, 2018. It witnessed 12% increase in value, according coinmarketcap.com
Even though Ripple is still under $1, it has increased in value by 23% in the last 24 hours, while bitcoin cash was still trading for $766.53USD, representing 8% jump in the 24 hours.
Another major coin, litecoin (LTC) experienced 8% growth, trading for $131.64.
Cardano (Ada) jumped by 10%, while Stellar (XLM) grew by 18%.
All of the top ten coins on CoinMarketCap are in the green, all with gains of more than 2 percent on the day. IOTA has seen the most growth, up by 22 percent over a 24 hour period and currently trading around $1.47.
Total market cap is now solidly above $300 bln, at around $327 billion by press time.
Why the sudden increase?
The overall price spike could be attributed to a report released yesterday that crypto is generally allowed under Shariah law, but the week has seen other positive crypto news that could have contributed in a big way as well.
Fundstrat’s Tom Lee sees the reason for the rise as a combo of Santander’s news that they would launch a Blockchain-based international payment service with Ripple , that crypto selling for taxes is almost at its end, and that “speculative short investors [are] being squeezed out of the market for the surge,” according to Bloomberg.
According to Miguel Shwiezer, the co-founder of hedge fund Quantia Capital, the price jump caused short sellers to close positions, “spurring a waterfall of buy orders.” Bloomberg writes that there were more than 38,000 Bitcoin shor positions as of April 12 on Bitfinex, and short positions have now dropped to around 24,000, according to data from TradeView.
Cryptocurrency is not predictable, invest with caution.
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