Crypto Currency Hedge Fund: Bitcoin Price Eyes $9,000 as Markets Recover from Sunday Dip

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The cryptocurrency markets entered the week on a high note, as every top 100-cryptocurrency rose against the value of the dollar on Monday. The rally placed the Bitcoin price in position to surmount the $9,000 barrier, while the Ethereum price began to test $900.

Altogether, the cryptocurrency market cap made a nearly $40 billion advance, from $392.8 billion on Sunday to $432.4 billion on Monday. This works out to a 24-hour increase of 10 percent, one of the index’s better single-day performances in recent memory.

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Source: CoinMarketCap

Bitcoin Price Eyes $9,000

Monday morning brought an eight percent recovery for the Bitcoin price, raising it to a present value of $8,729 on Bitfinex. This represented a nearly $1,000 recovery from Sunday morning when the flagship cryptocurrency dipped to $7,851. Bitcoin now has a market cap of $149 billion, which holds its market share steady at 34.5 percent.

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Bitcoin Price Chart

Ethereum Price Punches Past $850

Monday’s market movement also dealt the Ethereum price a winning hand, and the second-largest cryptocurrency rose by six percent to $860. Ethereum currently has a market cap of $85.1 billion, which places its market share at 19.7 percent.

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Ethereum Price Chart

Altcoins Ride the Bullish Wave

The wider altcoin markets took full advantage of the day’s bullish wave, and every cryptocurrency ranked within the top 100 advanced by at least two percent (excluding stablecoins).

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The Ripple price posted a 14 percent gain, which raised the value of XRP to $1.07. Ripple now has a $41 billion market cap, making it nearly twice as large as fourth-ranked Bitcoin Cash, which rose just six percent to $1,290.

Cardano saw its price rise by eight percent, placing its market cap in position to crack the $10 billion barrier in short order. EOS, meanwhile, punched through $9 billion on the heels of a nine percent price increase.

The final four coins in the top 10 managed to outperform the index. Litecoin, ranked seventh, rose by 12 percent to $162, while NEO’s 14 percent gain led all top 10-cryptocurrencies.

The Stellar price added 11 percent to reach a present value of $0.39, and IOTA — bolstered by news that Bosch had invested in IOTA and joined the project’s network advisory board — rose 13 percent to round out the top 10.

Featured image from Shutterstock.

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