Cryptocurrencies Enjoy Market Increases As Some Register Huge Gains

By Hannah July 18, 2018 Digital Currency No Comments

The cryptocurrency market is once again making a full recovery- as least as of Tuesday afternoon when all the major coins recorded significant gains with most in the double digits.

The overall market cap jumped to $291 billion, which is the highest it has seen for about two months now.

Bitcoin made a significant gain, reaching the $7,400 level in less than an hour. The currency rose above the $7,000 mark, having traded in the $6,650-6,750 level for most of the day. Then, a massive boost came with the price increase of 5% within few minutes to reach the $7,100 mark after another similar gain.

This swift increase liquidated a substantial number of shorts on the bitcoin price according to many tweets on the BimexRekt trading bot.

Yet, Bitcoin is not the only currency that recorded significant price increase, as almost all cryptocurrencies went through massive rises, with EOS, Cardano and Stellar taking the lead. EOS rose by more than 10% and was trading at around $8.75 on Tuesday evening.

Neo made a 9% increase and was trading at $39.50. Stellar also increased to around 8% to go above the $0.25 mark and there seemed to be more momentum for an upward increase.

Ethereum also recorded gains of about 5% which landed it to the $500 mark. Ether is presently up by about 15% in the past days where it was testing the $400 mark a couple of days ago. Bitcoin Cash also recorded gains, rising 8% to trade at the $850 level, whilst Ripple was finally able to go above the $0.50 level after trading well below the mark for couple of weeks.

Smaller market cap currencies also made significant gains with Cardano leading the pack and rising 10% to above the $0.168 marl.

Ethereum Classic also made a decent gain but was still trading at very close to the $18 level whilst Dash rose 8% to the $260 level. Litecoin was up by 6% to the $89 level whilst coins including Ontology and IOTA recorded more moderate profits of 3 and 5% to prices of $3.85 and $1.14 respectively. Tron was also up 10% and was almost at the $0.04 level, while VeChain and ICX also recorded gains around 3 and 10 percent respectively.