Reports throughout this week have been indicating that the Cryptocurrency market is targeting the $350 billion mark. During the early hours of today, there has been a significant change in the performances of leading Cryptocurrencies such as Bitcoin and Ethereum which has resulted to the valuation of the Cryptocurrency marker to jump to $365 billion.
During the high price instability and recovery seen since the start of the year, investors regarded Bitcoin as a safe haven asset. Bitcoin was able to maintain some stability while other Cryptocurrencies went through a free fall. Bitcoin’s stability was largely thanks to its liquidity and largest volume in the global market. The performance of many assets dropped by over 80 percent thus making gains difficult.
In the last seven days, Bitcoin was surpassed by other altcoins and major cryptocurrencies. The daily trading volume of the global cryptocurrency market for the first time in April went above the $20 billion mark and there was a new record set in the valuation market.
Because of the uncertainty regarding the short-term future of the cryptocurrency market, investors were scared to invest in cryptocurrencies in March and early April. While altcoins continue to trend upwards, it also has great downside movements which made sense to investors not to venture into the market.
At the moment, investors are now more willing to invest in cryptocurrencies such as Ripple, Ziliqa, Nano, OmiseGo and others. Altcoins started to surpass Bitcoin on a weekly basis as its volumes across leading exchanges rose and there is likelihood for ERC20 tokens to perform better than major cryptocurrencies by the end of the month.
The next target for the cryptocurrencies is hitting the $400 billion mark. If they can successfully go above that threshold, then the market could gain a two month high. It is safe to say at this point that Bitcoin has dropped to its lowest at $6,000 but the currency is making a quick recovery from its previous positions.
If in the next short-term Bitcoin prices were to hit the $9,500 level, which is possibly in the coming week, then there is a big possibility that the market could go above $400 billion before the end of April 2018.