The only thing in the red in the top 100 crypto projects by market cap today? Tether, by -0.14 percent. All 99 other cryptocurrencies are green, with most coins and tokens seeing double-digit percentage increases overnight. Bitcoin itself rose $1,000 USD in minutes earlier this morning. It’s impossible to say whether the acute cryptoeconomy recession is over, but it’s definitely the greenest day the cryptoverse has seen in weeks.
An Explosion of Trading
As the cryptoeconomy’s market capitalization has risen back to just under $300 billion, the space’s big-cap coins have seen big moves in the past 24 hours.
Bitcoin (BTC) had an astounding half-hour surge earlier, highlighting the kind of buy pressure that reverberated throughout the many altcoin markets as well.
For now, the bitcoin price has settled just shy of $6,700, with the ether price having risen to $464 in kind.
BTC Price $7669.89 USD – ETH Price $464.34 USD – BCH Price $709.39 USD – Dash Price $345.1 USD
– Get the latest #bitcoin #ETH #BCh #Dash price and #cryptocurrency #news at https://t.co/tptBmNRrIW pic.twitter.com/yaRJSyOeVB
— Bitsonline.com (@bitsonlinecom) April 12, 2018
Shorts Get Rekt to the Tune of Millions of Dollars
The big losers for today were, obviously, the shorters in the ecosystem.
On cryptocurrency exchange Bitmex alone, well over $100 million dollars of bitcoin shorts were just closed.
To that end, hodling cryptocurrencies isn’t strictly gambling, as detractors popularly claim. But maintaining highly leveraged shorts or longs on crypto exchanges most definitely is. Today’s massive, unexpected market movement brings that latter dynamic into the spotlight.
Just another day in crypto, right.
What’s your take? Do you think this bullish turn is just a temporary hiccup in a larger acute downtrend, or is today’s movement a sign of a reversal to greener days for cryptocurrencies? Sound off in the comments below.
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