Bitcoin (BTC) Surges 8%, Leading the Crypto Market Back Above $120B

sludgefeed (35)in #bitcoin • 5 years ago

The cryptocurrency market has ended the week on a strong note with Bitcoin (BTC) surging over 8% to $3,703, its largest one-day gain since December 28.

The surge came shortly after Litecoin (LTC) rallied 12% in early Friday trading. Following Litecoin's lead Bitcoin began moving higher before breaking out around 9:00 AM (EST). The rest of the market has mirrored the move, bringing the total cryptocurrency market cap to $120.5 billion.

Adding further bullish momentum, SEC commissioner Robert J. Jackson Jr. revealed yesterday that he believes a bitcoin exchange-traded fund (ETF) will ultimately be approved. "Eventually, do I think someone will satisfy the standards that we've laid out there? I hope so, yes, and I think so," Jackson said.

The top-100 altcoins are all positive Friday, with many up double-digits, including Ark (ARK), up 32.6%, Litecoin, up 28%, EOS (EOS), up 16.2%, Ethereum (ETH), up 13.9%, and Bancor (BNT), up 13%. The AltDex 100 Index (ALT100), a benchmark index that doesn't include stablecoins, is currently up over 9.1%.

Various altcoin categories are also performing well in Friday trading, with the AltDex Privacy Index (ALTPRV), up 9%, the AltDex Exchange Index (ALTEXC), up 6.9%, and the AltDex Masternode Index (ALTMSN), up 8.3%.

More: Litecoin (LTC) Rallies 30% After Announcing Beam (BEAM) Collaboration

Referenced: Bitcoin ETF is Coming: Hopeful US SEC Chief Says Approval Only a Matter of Time

Disclaimer: This article’s author has cryptocurrency holdings that can be tracked here. This article is for informational purposes only and should not be taken as investment advice. Always conduct your own due diligence before making investments.