Anybody want to make the lion’s share of 20% gains in one day?
If you’re not holding Bitcoin, it’s too late: after hovering around $4000 for about a month, BTC value shot up this morning to around $4900 and counting as of press time.
“In comparison to yesterday’s charts, when BTC’s price was hovering around $4,100, the market capitalization of the world’s top coin has gained almost $10 billion, totaling $82 billion by press time,” wrote Ana Berman at Cointelegraph just hours ago.
Berman also noted gains for Ethereum and other coins, just icing on the cake when it comes to this sudden spring thaw that will likely drive much more positivity on BTC.
“Ethereum, the second-ranked cryptocurrency by market cap, is also solidly in the green, seeing about 6 percent in gains on the day. The coin is now trading at $150 in comparison to yesterday’s $140, while its market cap is over $15.8 billion at press time,” she wrote. “Ripple, currently the world’s third largest cryptocurrency, is also up 6 percent today, trading around $0.33 by press time. The coin’s market cap has gained about $900 million within a day, reaching $13.8 billion at the peak earlier today.”
Indeed, Berman says, total market capitalization is moving up due to the sudden surge:
“While yesterday’s highest point was at $146 billion, today’s peak was at $163 billion, declining to $159.4 billion at press time.”
While it represents excellent news for short-term Bitcoin traders, the spike also illustrates the rampant volatility in the Bitcoin space. You could expect Bitcoin to have extremely high values by the end of the year, as enthusiasts are coming back out of the woodwork on today’s news, but you could also expect Bitcoin to slump right back down to under $4000 or lower.
However, some investors believe that it’s worth buying Bitcoin and holding on tightly – because they see these gains as tied to institutional buy-in over time. When you see governments around the world and major corporations adopting blockchain steadily the same way they adopted cloud services years ago, you see the use case argument and the potential for growth, and it’s not unreasonable to expect that certain crypto coins will participate in those gains. As for which ones will be the gainers – that remains to be seen.
Nonetheless, Bitcoin is making its own news this morning. Nearly 20% in one day is an amazing opportunity for any investor, and anyone who was holding Bitcoin either as an investment or as a medium for exchange has now seen all of that growth handily tucked into their portfolio.