Cryptocurrency market gets $7 billion boost overnight

The last 24 hours have seen the cryptocurrency market burst to life, with almost all major cryptocurrencies now strongly in the green today.

The total market capitalization of all cryptocurrencies swelled from $277.3 billion to $284.5 billion overnight after a sudden increase in demand sent the market soaring.

Currently, 19 of the top 20 cryptocurrencies by market capitalization are performing well today, with Unus Sed LEO currently the only top 20 cryptocurrency in a loss today.

Ethereum (ETH) is leading the market among the top 10 coins, having spiked from $245 up to over $268 in under an hour as a result of a sudden influx of buy orders. Since then, Ethereum has traded sideways, locking in a 24-hour gain of 8.06%. At its current value of $263.90, Ethereum is just $23 short of its highest value this year, and needs a further nine percent growth to reach a year-to-date high.

The big pump: ETH and BTC soar

And then, whoosh! it all happened at once. In under an hour, late on Wednesday night, the price of Ethereum, the second-largest cryptocurrency by market cap, rose from $245 to $269, an increase of 9.7%. Bitcoin, as well as Bitcoin Cash, TRON, and XRP, followed, although their 24 hour increases weren’t nearly as sharp. Bitcoin, which followed the same upward trajectory, rose from $9,377 to $9,516, an increase of 1.48%. Will DeFi hit $5 billion in 2020? You can bet on it The pump of July 22, 2020...

Chainlink (LINK) and Maker (MKR) are also performing well today, having gained 6.7% and 8.7% respectively in the last day. At $7.94, Chainlink has now recouped some of the losses it experienced earlier this week, but is still down close to five percent in the last week.

Maker, on the other hand, has seen a sudden uptick in interest over the last week and has climbed from a low of $441 on July 14 to a current value of $534 today. Maker is now up 22% in the last seven days.

Stellar (XLM) is among the best performers today and in 2020 in general. The cryptocurrency just broke through the 10 cent price point to reach $0.101 with a 5.5% gain in the last day, but has also witnessed growth of 122% since the beginning of the year.

The smaller, but rapidly growing DigiByte (DGB) has also demonstrated a dramatic resurgence this year, after an almost two-year-long downtrend was interrupted in March. The cryptocurrency has now climbed from a 2020-low of $0.0029 in mid-March up to $0.024 today. In total, DGB has gained 12.8% in the last day and 324% since January in one of the biggest comebacks of 2020 so far.

But 2020 can be a fickle beast.