Cryptocurrency Market Reaches an Eight-Week High as Rally Goes on

The total cryptocurrency market value is now above $400 billion. In the last few weeks, more people bought in as the value went down. However, all the top three cryptocurrencies managed an under one percent increase in prices over the last week. However, confirming that other less popular cryptocurrencies are gaining popularity.

The total market value for all cryptocurrencies reached $441 billion on Sunday to confirm the eroding of the bear-market pressure. Moreover, all cryptocurrencies managed a combine $47 billion value over the past seven days.

Altcoins are responsible for 79% of the gain even as they account for 63% of the market.

The total combined high in value is the highest peak since March and trading volumes are pushing the increase in value. Volume increased so far by more than a third since April 6. Thus when the combined value of cryptocurrencies reached the lowest bottom this year so far.

The top three cryptocurrencies in market capitalization did not have huge surprise rises this last week. They all managed a less than 1 percent rise in prices. Bitcoin rose to $9,415 representing a slight increase of just below one percent in the week while Ethereum reached $688 and Ripple shot to $0.874.

Some of the less popular cryptocurrencies or altcoins gained higher percentages than those of the top three cryptocurrencies. NEO, for instance, gained by more than 10 percent and reached a new high of $91.07. Since March and EOS attained $21.08, which is also highest on record and a gain of more than 10 percent in the week.

Over the last few weeks, more people have been buying in despite the debate about regulations and signs of a whale planning to liquidate hundreds of millions of dollars in BTC.

The rise also happens even as  Fundstrat Global’s Tom Lee forecast that Bitcoin would reach $91,000 in just two years.  

Do you expect the prices and value of cryptocurrencies continue to grow?  Share your views with us on Twitter and Telegram.

Image Source: Crypto Market

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David Kariuki is a journalist who has a wide range of experience reporting about modern technology solutions including cryptocurrencies. A graduate of Kenya's Moi University, he also writes for Hypergrid Business, Cryptomorrow, and Cleanleap, and has previously worked for Resources Quarterly and Construction Review magazines.

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