Crypto rally adds $7 billion to total value of all coins

Crypto rally adds $7 billion to total value of all coins

Litecoin surges 12%, trades back above $50

Major cryptocurrency prices were trading higher Tuesday afternoon, with the best-known cryptocurrency headed above $3,800, erasing losses from the previous session.

A single bitcoin BTCUSD, +0.22%  the world’s largest digital currency, was last changing hands at $3,837.70, up 3.7% since Monday’s level at 5 p.m. Eastern time on the Kraken crypto exchange. The cryptocurrency touched an intraday high of $3,874.60, 5% off yesterday’s session nadir below $3,680.

The broad-based rally added $7 billion to the total value of all cryptocurrencies which stands at $132 billion, according to data from CoinMarketCap.

What are analysts saying

“What you’ve seen in this recent move is a decent pick up in volumes,” said Charles Hayter, co-founder of CryptoCompare.

“It’s hard to say,” Hayter said when asked if a cycle low has been made, adding, “there is definitely a lot of interest being generated from financial entities, which can only be good.”

Altcoins and futures

Cryptocurrencies other than bitcoin, often referred to as altcoins, surged higher on Tuesday. Ether ETHUSD, +1.61%  rose 8.2% to $135.66, LitecoinLTCUSD, +6.25% was up 15.2% to $52.43, Bitcoin Cash BCHUSD, +0.31% added 5.9% to $130.30 and XRP, XRPUSD, +0.64% the native coin of the Ripple protocol, was trading at 31 cents, up 3.8% on the day.

Bitcoin futures marched higher on Tuesday. The Cboe Global Markets March contract XBTJ9, +0.52%  ended the session up 3.8% at $3,832.50 and the CME Group March contract BTCH9, +0.26%  gained 3.9% to $3,835.

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