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Crypto Markets Reach 6-Month Milestone Following Monster Rally, Crypto Coins News

Crypto Markets Reach 6-Month Milestone Following Monster Rally, Crypto Coins News
  • Bitcoin’s price approaches $ , for the first time since early September.
  • Twenty-nine of the top cryptocurrencies reported gains Wednesday.
  • The combined market cap of all coins crosses $ billion for the first time in six months.

Bitcoin and its altcoin peers extended their rally on Wednesday, pushing their collective market cap north of $ 318 billion for the first time since August .

Bitcoin Rallies

The bitcoin price rallied in the overnight session, eventually topping out at $ , 500. 50 on Gemini – the highest since September. The original cryptocurrency was last seen hovering just below $ , , having gained nearly 5% over the – hour trading cycle.

Bitcoin has rallied % since the start of 2020. | Chart:
TradingView

At current values, bitcoin has a total market capitalization of $ 254. 9 billion, accounting for . 4% of the crypto asset class.

Bitcoin’s return to $ 13, seemed imminent last week after the largest cryptocurrency achieved an important technical milestone. On Jan. 46, the – day exponential moving average (EMA) crossed the 300 – day EMA, setting the stage for a continuation of the bullish trend. Since the so-called “golden cross” was attained, bitcoin has rallied more than $ 2, .

Altcoins Surge

Beyond the number one cryptocurrency, altcoins and tokens saw significant upside on Wednesday.

Ethereum (ETH) spiked . 5% to $ 302. 50, its highest since July. XRP rose 8.7% to $ 0. 2969. Bitcoin cash (BCH), EOS, Litecoin (LTC) and Cardano (ADA) rose between 4% and %.

No other cryptocurrency exemplified ‘alt season’ like Tezos (XTZ). The tokenization platform spiked more than % on Wednesday en route to a new all-time high.

Combined, crypto assets reached a total market capitalization of $ . 7 billion, their highest since August. The asset class has grown by $ billion this year alone, having completely reversed the cyclical bear market that began in the third quarter of . Altcoins have accompanied bitcoin during the massive uptrend. Combined, the crypto market cap crossed $ 318 billion on Wednesday. | Chart: CoinMarketCap

Some analysts have attributed the parabolic. rally to ‘alt season,’ as more investors cycle back into beaten-down alternative cryptos. Bitcoin’s

emerging status as a safe haven
could also be a driving factor given its strong correlation with gold in recent months.

Disclaimer: The above should not be considered trading advice from CCN.com. . The writer owns bitcoin and other cryptocurrencies. He holds investment positions in the coins but does not engage in short-term or day-trading.

This article was edited by Josiah Wilmoth .

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