Crypto market recovers $15 billion as Bitcoin crosses $7K

After spending the last five days trapped in the high $6,000 range, Bitcoin—for the second time in a month—has crossed the $7,000 threshold, giving traders new hope for a potential bull run. 

The price of Bitcoin is now up more than 5% in the last 24 hours, and other coins are likewise getting in on the action while the gettin’s good.

Ethereum—which surged into the low $170 range during today’s morning hours—is now up more than 11% on the day. Ripple’s XRP has improved by nearly 4%, and Litecoin is up by 6%.

All in all, total market capitalization for cryptocurrencies has surged to $202 billion—a $15 billion increase from where it stood on Wednesday.

While not as stellar, the stock market is also showing signs of life with the Dow Jones ending today’s trading 33 points higher than yesterday’s close. The S&P 500 has also gained 16 additional points, while the NASDAQ surged by nearly 140 points.

The jumps follow news that President Trump will announce up-to-date guidelines later today on how the US economy can begin to reopen its doors, suggesting a nationwide recovery from the coronavirus pandemic may be closer than some initially thought.

Trump said he’s looking to speak to US governors and will leave it up to individual states to decide when their economies can reopen for business. The president is confident some areas can potentially return to normal by the end of April, though some east coast regions—such as New York and New Jersey—are vowing to keep non-essential enterprises locked down through May 15.