24 Hour $20 Billion Surge In Cryptocurrency Price Is FOMO

Australian Crypto Traders May Soon Get Calls from the ATO
24 Hour $20 Billion Surge In Cryptocurrency Price Is FOMO
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Bitcoin has been having an astonishingly strong May that followed on from April which saw the king of crypto push past the $5000 barrier. In the last week, Bitcoin managed to push past $6000, then $7000 and in the last 24 hours of trading, it managed to finally push past $8000 finally settling just below that price point at a current price of $7980.

The last time Bitcoin held the $8000 price was in July 2018, and it was all downhill from there. The FOMO fever that has gripped the cryptocurrency world with the impressive rise of Bitcoin saw the entire market up by about $20 billion over a 24 hour period.

Asia helps Bitcoin hit 10-month highs

Mere hours ago, the Asian early trading markets had helped Bitcoin reach a ten month of $8045, the second time it surged by over one thousand US dollars. There was a similar situation the previous day at around the same time when Bitcoin broke past the $7000 mark. While the price is down slightly, there has been no real correction prevalent for the last two days of FOMO inspired online crypto trading activity.

The 2019 bulldozer has continued to move along with Bitcoin hitting a truly epic 33% rise over the last week. The dominance that Bitcoin had as the leading cryptocurrency is back in full force as the daily trading volume rose to around $30 billion, representing 60% of the daily volume. This is a callback to the last time something like this happened, and it was in 2017. December 2017 to be exact when Bitcoin gained $10000 in a single month. The after effects of that rally were seen very soon with a massive sell-off coming the following month.

The key difference is Bitcoin’s dominance

The difference between December 2017 and where we find ourselves today is that Bitcoin is seeing the vast majority of the gains as opposed to the altcoins that were popular at the time. The ICO market had inflated the cryptocurrency sector with worthless assets that scared off investors and set up a cascading failure that rocked the entire market.

This time, however, only a handful of coins are following Bitcoin on the way up – and they include coins by one of the best crypto exchanges on the market – Binance. Binance Coin has been a good bet ever since their CEO has started making large moves in the IEO sector and pushing for Binance listed coins to use the native Binance Chain.

Other coins that have come along for the ride with Bitcoin include stalwarts such as XRP (which is being listed on the Stuttgart stock exchange int he form of an ETN), Monero, IOTA and Tezos.

About Ali Raza

A journalist, with experience in web journalism and marketing. Ali holds a master degree in finance and enjoys writing about cryptocurrencies and fintech. Ali’s work has been published on a number of cryptocurrency publications.