Bitcoin and crypto markets have been on a roll over the past 24 hours. It has been the largest move of the year so far adding $12 billion to total market capitalization as bitcoin price touches $8,000 again, but what has caused it?
The total crypto market cap has just hit a five-week high of $212 billion. Late November was the last time markets were this bullish but the following month saw them decline to a December 18 low of $175 billion. Since the beginning of the year, crypto-asset markets have gained 11.5%, or just over $20 billion, but it is still early days to call a rally just yet.
Bitcoin, as usual, has been one of the catalysts for the bullish momentum. According to Tradingview.com BTC lifted off from its intraday trading range around $7,500 to top out at a 47 day high of $8,000.
So far this year BTC has gained 9.5% and the past 8 hours or so have been most of it. There has been a slight pullback as usual from that psychological barrier but at the time of writing, bitcoin price was trading just shy of $7,900.