It’s happened again…
Out of nowhere, almost all of the major cryptocurrencies have undergone crazy price hikes within the last 24 hours!
Bitcoin (BTC) is now sitting at an all-new high for the year and other popular coins, like Ethereum (ETH) and Augur (REP), have shot up as much as 11% and 25% respectively.
To say the least, there’s a lot of money moving around in the market right now.
And although this rally may be over and done with for the time being, there’s bound to be another one sometime in the near future.
Let’s take a look at how some of these bigger gains have played out since yesterday so YOU can get your hands on them the next time they come around.
In a way, Bitcoin is the face of the thousands of cryptocurrencies out there.
I guess the fact that it’s the one that started it all and currently holds the largest market cap by far has something to do with it.
Either way, Bitcoin’s recent increase in value says something about the industry as a whole.
Simply put, whenever Bitcoin moves in the market, other tokens tend to follow the lead.
Keeping that in mind, it shouldn’t come as a huge surprise as to why nearly every single coin in the top ranks has gone up in price.
It hasn’t even been a complete 24 hours yet and BTC shares have already soared 20%!
With that kind of uptrend under its belt, Bitcoin is now at its highest level since November of last year.
Ever since this bullish activity took place, Ethereum, the coin that’s now in second place on the list of top 100 cryptocurrencies, has been moving higher and higher.
It may just be easier to show instead of telling you though.
You don’t have to be an expert at technical analysis to recognize this increase depicted in the chart above.
As I write this, Ethereum’s price has changed from $142 to $158. Not bad, especially since this gain added up in a matter of hours.
The thing is, price points are still making their way up!
So far, we’re looking at an 11% profit, but who knows how much longer this uptrend will continue on for…
Unlike Ethereum, Augur’s movement has died down a bit since its originally climb.
But that shouldn’t take anything away from the 25% price hike it managed to pull off before then.
Let’s not forget that each and every one of these surges happened over the course of hours.
You typically don’t see anything even remotely close to the returns I’ve mentioned here unless it’s been weeks or sometimes months.
But as you may know, crypto is a different breed altogether.
Sure, they’re considered more volatile in comparison to traditional stocks, but if you get the timing right, the profits most certainly outweigh the losses.
That brings me to my next point…
What explains why these sudden increases occurred in the first place?
While the exact reason remains unclear, rumors of an approved Bitcoin ETF may have triggered this particular craze in the market.
There’s no way to know with absolute certainty, but keeping this EFT that’s in the works on your radar could easily put some profits in your pocket.
It’s all boils down to the timing.
I’ll keep you updated as much as I can, just don’t hesitate to trade the cryptocurrency of your choice once you catch wind in the news of these rumors becoming a reality.
We’ve already seen some of these coins add another quarter of their original amount to their price tag based off the idea of this ETF happening.
Just imagine the kind of cash that’ll be on the line when it actually does…
