Bitcoin Price Rises to $9,250 With Crypto Market Reaching $421 Billion

The Bitcoin price has again surged, this time crossing the $9,000 mark over the past 24 hours and recording an increase of around $450 – climbing from $8,800 to $9,250. After successfully maintaining the momentum in the $9,000 region, Bitcoin is coming closer to the $10,000 mark which is according to many investors crucial in the short-term. Meanwhile, the total cryptocurrency market cap has climbed to $421.21 billion.

The alternative cryptocurrencies (known as altcoins) have also performed well. In fact, most of these cryptocurrencies have outperformed the Bitcoin price increase and the surge of other large cryptocurrencies in the market over the past few weeks.

Currently, some of the best performing altcoins on the market include the names of ICON (ICX), Ethos (BQX), EOS and Kyber Network (KNC). All of them have recorded more than 10% gains against Bitcoin which also recorded gains of around 3% on its own.

ICON’s daily trading volume was in the news, reaching 15,500 BTC with 50% of that coming from the most popular cryptocurrency exchange – Binance. The other 50% came from South Korean cryptocurrency trading platforms Bithumb and Upbit. With an increase of 16% and a surge to $1.5 billion in market valuation and $145 million in daily trading volume, ICON trading has been a hot topic – in line with the surge of the Bitcoin price.

All in all, it is safe to say that the Bitcoin price increasing is a stimulus for all of the altcoins to also rise. In history, every time the price of Bitcoin has surged – altcoins followed – in most of the cases by even bigger margins. Similarly, when the Bitcoin price falls, altcoins drop by larger percentages.

Even though everything is great in the crypto space right now, the entire market is still going through a mid-term recovery in terms of its volatility and uncertainty. It is up to Bitcoin and Ethereum to lead the market to new achievements.