Bitcoin saw a notable increase in its price yesterday, conquering the $7,000 level, and it did a good job staying above so far. Meanwhile, the futures on legacy markets are also in the green, as news broke out that the Gilead coronavirus drug supposedly shows effectiveness.
As Cryptopotato reported yesterday, Bitcoin marked a steady increase upwards of $550 in 90 minutes to surge over $7,000. At the time of this writing, the cryptocurrency is trading just shy of $7,100, charting a 1.6% increase on the day.
Over the past seven days, there haven’t been any notable shifts in the crypto market as Bitcoin’s dominance stays stable at around 64%. This means that altcoins failed to capture any new grounds amid the latest surge.
As seen on the above chart, most of the altcoins are also trading in the green, marking small gains in the past 24 hours. Almost all of the major cryptocurrencies are holding stable, with some such as XRP, EOS, TRX, and LTC charting slight losses of less than 1%.
On another note, the futures on legacy markets also spiked positively today, as a report said that a drug developed by Gilead Sciences was supposedly showing effectiveness in treating the novel coronavirus (COVID-19).
Per the report, a Chicago hospital that’s treating patients coronavirus with Remdesivir in a trial were recovering quickly from otherwise serious symptoms. Speaking on the matter was Matt Maley, Chief Market Strategist at Miller Tabak, who said:
This is obviously good news. Of course, we’ve heard a few other pieces of good news like this recently and they didn’t pan-out as well as people had hoped. […] The big question is whether it’s going to be enough to help the economy ‘re-open’ more quicker than people are thinking right now.
The S&P 500 Futures are up 74 points, marking an increase of about 2.6% at the time of this writing.
Dow Jones futures are also up just shy of 3% or about 690 points while Nasdaq 100 futures are up 2%.
While the market is still closed for regular trading, the increase in futures prices points to a potentially positive open.
