Cryptocurrency Bull Run | An Improving Economy Encourages Gains
A cryptocurrency bull run has taken hold of the entire crypto market. Digital coins have been rallying back (and then some) in recent days.
The gains continue today as, according to CoinMarketCap, all the top 20 coins stay in the green.
Cryptocurrency Bull Run
At the time of writing, Bitcoin—the largest coin by market cap—is valued at $3,982, up 1.8% on the day. Today’s gains continue a bull run that has seen Bitcoin pack on roughly 9% in the last seven days. Now, BTC looks set to test the new price point of $4,000 USD per coin.
Ethereum is enjoying a healthy cryptocurrency bull run too. The second largest coin by market cap is currently up 2% and selling for $147.53 USD. This is only icing on a cake, as Ethereum has seen gains of more than 22% since mid-February when it traded nearer to $121 USD.
It’s hard to ignore the 10th largest coin by market cap, Binance Coin, today. BNB is trading up a whopping 11.93% and selling for $10.81. The probable cause of this cryptocurrency bull run could be the company’s new addition of two new trading pairs for the Holo (HOT) cryptocurrency on the Biance exchange.
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According to the exchange, “HOT will now be tradable with Binance’s native token, Binance Coin (BNB) as well a the stable coin USDT.”
Cryptocurrency Bull Run: Market in Green
Elsewhere, as stated, the entire top twenty crypto market is in green. The reason for this could be simply a reaction to the positive news happening across the economy.
Oil prices are climbing again, almost hitting $67 USD a barrel earlier today. The OPEC-led supply cuts are spurring on demand for the commodity once again. Gold prices have also increased to the highest level in over two weeks. Gold hit highs of $1,326 an ounce yesterday. Palladium was also in the green having hit a record high of $1,449.
Do you think this cryptocurrency bull run will last much longer? Is the upturn in oil and gold prices reflected in the cryptocurrency market?
Featured image: DepositPhotos © sinenkiy