Bitcoin Pops Above $3,700 As Crypto Market Flashes Green

The broader cryptocurrency market picked up strong bid during Friday's trading session with litecoin (LTC) leading the charge.

AccessTimeIconFeb 8, 2019 at 6:21 p.m. UTC
Updated Sep 13, 2021 at 8:52 a.m. UTC
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The cryptocurrency market is making an emphatic return today after days of low volatility, with the price of bitcoin briefly surpassing $3,700 alongside other major coins printing double-digit gains in the past day.

Litecoin (LTC), the world's fourth-largest cryptocurrency by market cap, led the charge by surging just over 40 percent from its opening price of $33 to reach a 3-month high of $47.

The move was backed by $1.4 billion in trading volume, which is its most since Feb. 20, 2018, according to Coinmarketcap.

Soon after litecoin picked up the strong bid, other well-known cryptocurrencies followed suit.

According to data from CoinDesk's Crypto-Economic Explorer (CEX), seven other cryptocurrencies are currently boasting double-digit 24-hour price increases, including EOS (EOS), ether (ETH), cardano (ADA), bitcoin cash (BCH), IOTA, NEO and lisk (LISK).

cex-new

The world’s largest cryptocurrency by market capitalization, bitcoin (BTC) is also flashing green.

BTC opened the day with a price of $3,359 but was able to rise just over 10 percent to reach a 20 day high of $3,702. BTC's price has since slightly pulled back and is now trading at an average price of $3,625, per the CEX.

In all, the capitalization of the broader cryptocurrency market has appreciated roughly 9 percent in the last 24 hours, jumping from $112 billion to $122 billion to clock its highest valuation since Jan. 20th. 

As it stands, the market's $122 billion valuation represents an 85 percent depreciation from its all-time high north of $820 billion set in January 2018.

Disclosure: The author holds BTC, AST, REQ, OMG, FUEL, ZIL, 1st and AMP at the time of writing.

Crypto bull  image via Shutterstock

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