It’s safe to say that the last few days have been nothing short of turbulent for Bitcoin. After trading in a close range for a few weeks with rather low volatility, the cryptocurrency last week recorded its largest daily price increase since 2011. In a span of about 24 hours, it surged by more than 40%, rising as high as $10,350.
Predictably, a correction soon followed. Bitcoin shed about $1,000, as its price fell to around $9,400. Bitcoin’s dominance rate also increased notably. Prior to the latest surge, Bitcoin’s share of the overall crypto market was around 65.5%, and it rose as high as 68.6% before pulling back to 67.9%.
Altcoins also saw substantial gains following Bitcoin’s price surge. This was especially true for Chinese projects, many of which saw massive increases. That’s perhaps to be expected, given that one of the potential reasons for the overall market increase was China’s President Xi Jinping urging the country to streamline the usage of blockchain technology.
Total market capitalization: $248 billion | BTC market capitalization: $168 billion | BTC Dominance Index: 67.9%
Major Cryptocurrency Headlines
Mark Zuckerberg Is Right About China: President Xi Jinping Urges Investment in Blockchain. The president of China, Xi Jinping, urged the country to increase the development and implementation of blockchain-based technology, praising its qualities and usage in various industries. Interestingly enough, this came just a couple of days after Facebook’s CEO, Mark Zuckerberg, said that “China is moving quickly” in this regard and that the US could fall behind if it fails to speed up.
Bitcoin’s Price Touches $10,350, Records Largest Daily Percentage Increase Since 2011. Immediately after President Xi Jinping’s speech, Bitcoin recorded its largest daily increase in percentage terms since 2011. The cryptocurrency went parabolic, spiking more than 40%. The move was sudden, and the price subsequently cooled off a bit, retracing to $9,400.
WeChat Searches For “Blockchain” Spiked 1,200% Following News of New Chinese Cryptocurrency Law. It goes without saying that regulations have a lot to do with adoption and awareness in the field of cryptocurrency. WeChat, a Chinese multi-purpose application, saw a substantial surge in searches for blockchain-related terms. The development followed not only the president’s statement but also some reported changes in the country’s cryptocurrency laws.
The Biggest Winners and Losers
Bytom, being a China-based cryptocurrency project, is among the biggest winners of the top 100. BTM has surged upwards of 86% in the past 24 hours, bringing its price to around $0.144 at the time of this writing. Trading against Bitcoin, BTM is up around 85%. It currently possesses a market cap of around $144 million and has also seen a notable increase in trading volume. Over the past day, its trading volume has exceeded $152 million.
Ontology has also managed to capitalize on the latest market movement. Its price increased by about 33%, and ONT is currently trading at around $0.973. Its market cap is approximately $541 million. Interestingly enough, the cryptocurrency also made substantial gains against Bitcoin, as it’s trading around 31% higher against the leading cryptocurrency. Its trading volume is also massive – more than $709 million in the past 24 hours alone.
Unfortunately, not all projects managed to catch Bitcoin’s latest wave. In the past 24 hours, Nexo has declined by about 10% against the US dollar and 11% against BTC, making it the biggest loser among the top 100 coins. Its current market capitalization is around $53 million, and its trading volume is a little more than $10 million.