Today is certainly a good day in the crypto market as Bitcoin touched $6,500 at one point while staying above the crucial $6k level. In the meantime, Bitcoin hash rate is also on a rise while altcoins are having a field day as various cryptocurrencies are on the rise between 30 to 50 percent.
Good day in crypto: Bulls strike a hat-trick
It’s been three days that bulls have been here and kept the entire cryptocurrency market in the green. With the way things are progressing, looks like bulls are here to stay, but you never know. However, for now, the market is enjoying good gains.
As shown in the chart below, Bitcoin has managed to stay above $6k as at press time, it has been changing hands at $6,485. With a market cap of $111 billion, it is managing the daily trading volume of $4.8 billion.
Though in the last two days, Bitcoin has been climbing back to its previous level of $6,550 from where it got dropped three days back, the greenery is good for the market.
The total market cap has reached $214.9 billion while Bitcoin dominance has slid down to 52.4 percent as altcoins make substantial gains.
From the top altcoins, XRP is doing really well as it ascends by 8.14 percent climbing to $0.318. Ethereum (ETH) has closed down $300 with minimal gains of 2.16 percent while Stellar (XLM) has managed to go up by 5.87 percent at $0.229.
Cardano (ADA) is risen by 6.78% while Tron (TRX) did a good job with an 11.98 percent surge along with IOTA (MIOTA) and NEO (NEO) which have risen with 10.60 percent each.
Hash rate going off the charts
If we take a look at the hash rate, it has been constantly rising despite the drop in the bitcoin price. And a rising hash rate shows the profitability of Bitcoin mining keeping the miners engaged.
According to Bloomberg, the CEO of Genesis Mining, Marco Streng,
“There are still major expansions happening, especially from more efficient miners. The expansion is so big that it compensated for the drop-out of not-so-efficient miners.”
David Sapper, the COO of crypto exchange, Blockbid Pty Ltd. shared, “The increased hash rate means people are here for the long-term because they’re happy to just accumulate what they have, potentially even run at a loss.” But it also means sometimes, they have to “clear house and dump” as well.
The winners flying to the roof
However, at the time of writing, the most spectacular performance has been of VeChain (VET) that surged a good 35 percent and reached $0.14.
Ontology is up tremendously with a 51.64 percent rise at $2.40 while Zilliqa (ZIL) is enjoying gains by 32 percent at $0.039.
Up by over 50 percent, Nano (NANO) is sitting at $1.86 and ICON (ICX) is ascending at the rate of 24 percent while riding $0.69. Waltonchain (WTC) and Wanchain (WAN) are also up by over 20 percent.
With whopping 75 percent gains, Cortex (CTXC) is at $0.47. The bulls have even Verge (XVG) up by 20 percent at $0.014.
So, overall it’s been a good day inexperienced by the crypto market!
Having a background in writing, I worked on a wide array of industry topics and have recently entered the world of Blockchain and Cryptocurrency.