Bitcoin’s multi-day price correction came to an abrupt halt as the major cryptocurrency surged more than $4,000 from its low to its high in less than 12 hours.
Several altcoins also performed positively, likely driven by new developments in the US-China Trade War.
Bitcoin started May on a strong note as its price surged from $93,500 on April 30 to over $97,000 the next day. Continued buying pressure pushed the price to $98,000 on Friday, its highest level in over two months.
While many expected a surge to the psychological $100,000 level, BTC’s price began to lose momentum and fell back over the next few days. By Monday and Tuesday, Bitcoin had lost nearly $5,000 and fallen to $93,500.
Meanwhile, there were reports that the world's two largest economies, the US and China, were planning to meet in Switzerland to discuss tariffs on each other. Trade war issues have long affected the crypto market, and this time was no exception.
Bitcoin responded immediately with a rapid price surge from the low to over $97,600 in a matter of hours. Although it has slightly declined and is now around $97,000, it is still recording a daily increase of 3%.
Bitcoin's market capitalization is now close to $1.930 trillion on CoinGecko, while altcoins dominate the market by over 62%.
Following the news that the Securities and Exchange Commission (SEC) postponed its decision on the LTC ETF application, the asset's price fell by over 8% yesterday. However, the latest 24-hour chart shows a 13% jump that has pushed its price above $92.
HYPE also recorded a daily increase, jumping above $21 after rising 6%. CRO, AAVE, SUI, LINK, DOGE, ADA, BCH and HBAR are also in the green zone.
The total crypto market cap has increased by over $70 billion since yesterday's low and is now over $3.1 trillion according to CoinGecko.
