Digital currency markets have seen a strong price spike on Friday, adding billions to the overall market capitalization of the entire cryptoconomy. The surprise upward trend shows a few of the top-performing cryptocurrencies have gained between 10-20% in the last 24 hours.
Cryptocurrency Prices Show Major Improvement
Five days ago, our last market outlook report indicated that cryptocurrency markets faced a crucial turning point and the road turned out to be southbound. The $220 billion dollar market cap slid to a low of $209 billion. On October 23, in less than 15 minutes BTC prices dropped significantly from the $7,900-8,100 range to a low of $7,365 across global exchanges. Of course, many other digital currency markets have been correlated with BTC’s movements and followed the coin’s dive downwards. This Friday there’s a touch more optimism in the air before the weekend as a slew of assets are up between 10-20% or more. In fact, the significant price spike came literally out of thin air in a matter of minutes.
BTC markets are up 11% and up 4% across the last seven days. At $8,398 per coin, the digital currency has an overall market valuation of around $150 billion and a touch over $21 billion in 24-hour global trade volume. Ethereum (ETH) is swapping for $177 each and there’s roughly $7.9 billion in ETH trades today. Behind ETH, the digital currency XRP is up 5% today but is still down -0.13% for the week. Tether is still holding down the fourth largest market cap position as USDT has been a dominant force during the last few dumps.