Bitcoin Price Rallies Past $3,700, Wider Crypto Market Follows
A tight trading pattern lasted for weeks, which is always happens before a major breakout. For Bitcoin and almost everything else in the crypto market over the past 24-hours, things went very positive.
Bears lost their hold on the crypto market and many short positions were likely vaporized. Traders in recent weeks had become accustomed to movements of sometimes less than $100 in a whole day. However, virtually every market saw Bitcoin go over $3,700 in the past 24 hours, and the rest of the market is lifted as a result.
The valuation of Bitcoin had a side effect of bringing Ripple (XRP) back over $0.30. Ethereum’s rise to just under $120 wasn’t enough to get it into the second spot in the market cap rankings.
The other notable happening on the markets was the reshuffling of the top 5 by market capitalization. Litecoin displaced EOS for the fourth spot in the rankings.
Judging by the green percentages all the way down the top 100 cryptocurrencies, the money was not coming from other crypto markets. It’s new money.