On August 21, the Crypto markets saw a sudden spike and shot up to $228.8 billion in just under an hour. According to the data collected by Coin 360, top 100 coins have also earned notable gains.
The total market cap of all cryptocurrencies combined climbed more than $12 billion in just about an hour and reached $222 billion mark before slipping slightly to $219.7 billion. Bitcoin (BTC), however, was trading sideways at around $6,400-$6,500 mark, before suddenly spiking up to $6,790 in less than 45 minutes. That is a 5% spike under an hour’s space.
Though the cryptocurrency leader, later slightly dropped to trade at $6,715, that is still up by 6.2% compared to its trading price at the beginning of the session. While, based on the month, the Bitcoin is down by 10%, it is up by more than 6% based on the week, according to Cointelegraph’s Bitcoin Index. Among the top ten cryptocurrencies, all of them, except for one, have seen a gain of 4-9%.
EOS (EOS), the crypto that gained the most amongst the top ten cryptocurrencies rose by 8.7% and traded at $5.19. As far as the Altcoins are concerned, VeChain (VET) has gained the most as it rose by a whopping 18.67% to trade at $0.015.
As per the commentators on Twitter, the halt of the trading platform BitMEX contributed to the upswing across all crypto markets. Crypto persona, which describes itself as a “crypto prophet” posted a series of tweets just hours after BitMEX halted stating that the move might affect Bitcoin’s price.