Crypto markets surge 11% in 25 billion dollar pump

Crypto markets surge 11% in 25 billion dollar pump

In what has been the largest daily rally of the year, crypto markets have surged in double digits. Bitcoin is leading the pack as it smashes through resistance.

Over the past 24 hours, US$25 billion[AU$38.2 billion] has been pumped into crypto assets resulting in an 11% surge in the crypto markets.

The total capitalization has reached $250 billion, which is its highest level for almost eight weeks.

Total market cap 24 hours – Coinmarketcap.com

The digital assets markets are now fully recovered from the Covid crypto crash in mid-March that knocked over a hundred billion dollars off them in a couple of days.

Bitcoin is surging ahead of the pack today as it smashed through resistance to reach an intraday high of $8,960 a few hours ago.

The move has added over 13% to BTC price in less than 24 hours and has been one of its largest pumps this year. The halving is now only 12 days away and it appears to be finally driving momentum.

A swathe of green has enveloped the market today and Ethereum is also performing well with a 10% pump to reach $218.

Other double-digit movers today include Bitcoin SV adding 13% to top $220, Cardano with a 12% gain, and Ethereum Classic taking 11%.

Bitcoin Cash, EOS, Tron, Huobi Token, and Cosmos have all made over eight percent, and only Komodo is in the red at the time of writing.

Image courtesy of  geralt/Pixabay

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