Bitcoin rises to $7400 – general increase across cryptocurrency markets

The cryptocurrency markets finally appear to be in recovery mode as of Wednesday morning when all the major coins posted considerable increases with most in the double digits.

Bitcoin shot upwards in a considerable trajectory gaining the $7400 mark in just under an hour. At around 6pm CET on Tuesday, the currency was over the $7000 level having traded in the $6650-6750 mark for most of the day. Then, a huge push came with the price spiking by 5% in a few minutes to gain the $7100 level following another similar gain to the $7400 level on Wednesday morning.

Bitcoin Cash also shot up by around 10% to reach the $870 level confirming that the latest news of payment gateways and applications which are adopting the coin are having a hugely positive effect on the price. Turnover seems to have increased exponentially too. Ripple finally broke through the $0.50 barrier after having been well below that mark for several weeks with the price at around $0.51 at press time on Wednesday.

EOS was up by over 10% and was trading at around $8.75 at press time on Tuesday evening – a significant rise of 30% over 48 hours. NEO was up by 9% and was trading at $39.50 at press time. Stellar was also up by around 8% to breach the $0.25 level and there appeared to be further momentum for a push upwards. In fact at press time on Wednesday morning, the currency was up by a further 8% to trdae at $0.275.

Ethereum also saw a considerable rise although the increase was a more modest 5%, still enough to breach the $500 level. Ether is now up by around 15% over 48 hours where it was testing the $400 level only a couple of days ago.

Smaller market cap currencies also had an impressive boost with Cardano leading the way and jumping 10% to well over the $0.168 level. Ethereum Classic posted slightly more moderate gains but still was trading at very close to the $18 level whilst Dash jumped 8% to the $260 level. Litecoin was up 6% to the $92 level whilst coins such as Ontology and IOTA posted more moderate gains of 3 and 5% to prices of $3.85 and $1.14 respectively.