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On April 8, the cryptocurrency market was overwhelmed by a local correction caused by the excessive growth of the XRP token. However, as of April 9, major crypto assets have returned to skyrocketing growth. Thanks to this, the total capitalization of the digital coin market again exceeded the $2 trillion mark, and the total growth of the crypto market per day was 4.3%.
It is difficult to identify a specific leader at the next stage of cryptocurrency growth. For example, the problematic bitcoin, after reducing its positions to $55,500, returned to growth. Over the past day, asset indicators increased by 3.4% and reached the usual mark of $58,500. At the same time, there is no growth in the trading volume in 24 hours, which amounts to $48.5 billion. As you can see on the charts, the BTC/USD pair quotes have shown an increase of 1.1% over the past few hours. This suggests that the current wave of market growth will help bitcoin once again try to cross the $60,000 mark. It is worth noting that this is unlikely, given the weak support for the cryptocurrency at this point, as well as the price consolidation that has just begun.
The main altcoin also continues to grow and has risen in price by 4.2% over the course of the day. After overcoming $2,000 and reaching a new all-time high, the ether indicators slipped to $1,900 as part of a local correction. However, the asset has strong support at $2,000, which allows it to count on reaching new all-time highs soon. As of 11:00 UTC, the cryptocurrency continues to grow from $2,085 and has strengthened its positions by 0.8% over the past few hours. At the same time, the total trading volume of the asset continues to decline and already amounts to only $25.5 billion, however, after the resumption of growth, this figure will begin to increase again.
The largest gain in a day, apart from Binance Coin, was shown by the XRP coin. Over the past 24 hours, the asset has risen in price by 8% and recovered its positions after a slight decline. Despite the litigation between Ripple and the SEC, the XRP/USD pair has a lot of support at $0.940, which allows it to gain a foothold at this frontier and continue to grow. As of 11:00 UTC, the quotes of the asset exceeded the $1.02 mark and show powerful growth dynamics over the past few hours - 2%. This suggests that the cryptocurrency may again reach the $1.2 milestone, where the coin can hold positions and swing to higher levels. In case of a negative outcome, the asset may fall under a local correction and drag the market back with it, to local lows, as it was on the night of March 8.
Promising altcoins such as Polkadot, Cardano, and Litecoin are showing confident growth. Over the past day, the DOT/USD pair increased its performance by 4.3%, to $41.45, the ADA/USD pair by 2.7%, to $1.22, and LTC/USD by 4.6%, to $228. It is worth noting that all these cryptocurrencies will continue their upward growth and are approaching important psychological marks. This can be seen from the current form of growth in quotes, as well as the increasing trading volume.
The reason for the sharp growth in the cryptocurrency market was the end of the local correction associated with the XRP coin, as well as the positive news background. In particular, it became known that Whinstone, the largest mining company in North America, will be bought for $651 million, and the transaction itself will be completed by the end of the second quarter of 2021. Also, the main competitor of Coinbase, the Kraken crypto exchange, announced preparations for an IPO in 2022. Thanks to these announcements, the cryptocurrency market has returned to growth, largely thanks to altcoins, which may set new historical records soon.
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