Crypto Market Experience Steady Growth After Sharp Price Jump
The cryptocurrency platforms are growing substantially Friday, April 13, after Bitcoin’s (BTC) jump yesterday of over $1,000 in 30 minutes, with BTC today above $8,000 and Ethereum (ETH) having broken above $500 for the first time since March 26.
BTC is currently trading at around $8,118.
All of the top ten coins experienced a growth with each recording over 10 percent increase on a day. IOTA has the most growth with more than 35 percent over a 24 hour period and currently trading around $1.42.
Total market cap is now solidly above $300 billion. The overall price spike could be attributed to a report released yesterday that crypto is generally permissible under Shariah law.
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.
Culled from CoinTelegraph