Crypto Market Rallies as Investors Find New Optimism

April 27, 2020, by Maayan
Bitcoin led the cryptocurrency market higher this week as investors see light at the end of the coronavirus tunnel.

Bitcoin Blasts Higher on Week as Bulls Take Control

We said last week that a Bitcoin close above $7,000 for the week would, “set the coin up for more gains”.Well, the Bitcoin bulls have finally emerged from their period of caution and this week we saw BTC soaring to highs over $7,700.

The move in Bitcoin led the general crypto market higher and we have seen good gains across the board with the value of the overall market rising to $220 billion. Bitcoin makes up $140 billion of that market value.

Litecoin Pushes Higher as Optimism Spreads  

LTC also rallied with the market optimism and moved to $45.00 on the week.

Investors are hopeful that the virus lockdowns are now easing across the world and this has led to gains in stock markets. Cryptocurrencies are benefiting from the calmer markets and investors who are seeing gains in the stock market are able to move some of the profits into alternative assets.

An interesting anecdote to end with: The Litecoin Foundation has recently been involved in producing a horror film. The coin’s creator suggested that it was a means to introduce LTC to a larger audience. He said, “Mass adoption requires two things: awareness and real-world use cases. The film industry checks off both of these boxes in a compelling way.” 

Disclaimer: information contained herein is provided without considering your personal circumstances, therefore should not be construed as financial advice, investment recommendation or an offer of, or solicitation for, any transactions in cryptocurrencies.