Cryptocurrency prices rebounded sharply Tuesday, as volumes surged to their highest levels in eight days, a convincing sign that the worst of the bear market may have already passed.
Coin Values Surge
With the exception of Tether (USDT), the top 25 major cryptocurrencies all reported gains.
Bitcoin (BTC) climbed 3.5% to $,3897.08. On Bitfinex, the BTC price came within $32 of $4,000, a major psychological level.
Ethereum (ETH) extended its rally to nearly 8% as the developer’s cryptocurrency crossed $137.00. XRP (XRP) climbed 3.5% to $0.3168.
EOS (EOS) and Litecoin (LTC), the fourth and fifth largest cryptocurrencies respectively, were among the top performers Tuesday. EOS jumped 15.9% to land at $3.77. Litecoin gained 13.9% to $52.92.
Litecoin seems to have gotten the ball rolling on the February recovery that finally ended bitcoin’s six-month losing streak. It was the first out of the gate early last month amid news that the open-source protocol was pursuing private transactions. Read more: Litecoin Sparks Huge Crypto Rally as Bitcoin Smashes Through $3,700.
Binance Coin (BNB) maintained its strong growth trajectory in afternoon trading, where it was up 18.3% compared with Monday. BNB is currently valued at $13.46, its highest since July.
The total crypto market cap improved to $132.3 billion, having gained roughly $8 billion compared with Monday. The gains were an extension of an early-morning rally that saw the majors appreciate notably over the previous 24-hour cycle. By midday, coin values had rebounded roughly $5 billion.
Exchange-based volumes approached $34 billion, gaining more than 38% from the low point on Monday. The amount of cryptocurrency in circulation has been increasingly steadily since the summer as smart money made its way onto exchanges.