Bitcoin’s price correction that lasted a few days came to an abrupt halt as the cryptocurrency skyrocketed by over four grand from bottom to top within less than 12 hours.
Many altcoins have turned green as well, which could be attributed to positive developments on the US-China Trade War front.
BTC had a strong start to May, as its price surged from $93,500 on April 30 to over $97,000 the next day. The bulls kept the pressure on, and the asset climbed to $98,000 on Friday, its highest price tag in over two months.
While many anticipated a run toward $100,000, BTC’s price trajectory reversed, and it started to lose traction in the following days. By Monday and Tuesday, the primary digital asset had lost almost five grand and slipped to $93,500.
That’s when reports emerged that the two leading economic powers, China and the US, plan to meet in Switzerland soon regarding the tariffs set by both nations against each other. Trade War news has impacted the crypto market for the past few months, and this time was no exception.
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Bitcoin reacted with an immediate price surge that drove it from the aforementioned low to over $97,600 within hours. Although it has lost some traction and now sits around $97,000, it’s still 3% up on the day.
Its market cap has neared $1.930 trillion on CG, while its dominance over the alts is above 62%.
Following news that the SEC had delayed making a decision on an LTC ETF application, the underlying asset plunged hard yesterday by over 8%. However, its 24-hour chart now shows a 13% surge that has pushed its price beyond $92.
HYPE follows suit in terms of daily gains, having surged past $21 after a 6% increase. CRO, AAVE, SUI, LINK, DOGE, ADA, BCH, and HBAR are also well in the green.
The total crypto market cap has added over $70 billion since yesterday’s low and is above $3.1 trillion on CG now.