The cryptocurrency market was going through a minor price correction after Bitcoin touched $8k, however, within days of the market correction, the prices of Bitcoin and major altcoins have climbed back past their upper key support. Among the altcoins, the biggest gains have been made by Litecoin, which has seen a 20 percent pump in its overall market cap since the price correction.
The overall market cap of crypto markets stood at around $243 billion yesterday, which soared near $254 billion and finally stabilized around the $250 billion marks. The daily trading volumes have also reached the $80 billion mark showing tremendous bullish trends.
Litecoin Sees a 20% Pump
Litecoin has been the biggest gainer overnight seeing a massive 20% pump in its prices taking it from $88 to $104 taking its overall market cap to $6.4 billion. Litecoin was facing a massive resistance at $100, but it surpassed that mark last week. The pump in prices also saw Litecoin take over EOS as the 5th largest cryptocurrency by market cap.
Litecoin’s bullish behavior could be attributed to the impending halving of Block rewards which is just 73 days away. With the whole crypto market showing bullish behavior, Litecoin is aiming at an all-time-high price of $370.
Crypto Market Is Bullish Again
The cryptocurrency market added $10 billion to its overall market cap. Along with Litecoin, the Binance coin was quite bullish too, seeing a 7% surge in its prices taking it to a new all-time high of $34. The BNB coin has been the extraordinaire performer throughout 2019, creating new all-time high price records and breaking them within a few days time.
The recent surge of BNB coin can be attributed to the speculations about Binance adding margin trading support on its platform. The BNB coin has been so bullish that even the news of $40 million hacks on the native Binance exchange did not really cause much of a difference to its bullish movement, apart from a minor price correction.
The price surge which started in early April hasn’t seen much resistance apart from a few price corrections. The crypto market cap has doubled from the start of the year. Looking at the present movement, the crypto space is looking for another month of solid gains.