Total Crypto Market Cap Soars $50 Billion In January So Far As Altcoins Begin To Rally

January 15, 2020 / by Crypto.IQ

Bitcoin (BTC) has had a solid start to 2020, rallying from $7,200 to $8,800 since New Years Day. In general, Bitcoin (BTC) has been leading the crypto bulls for most of the month, but that has changed in the past couple of days, with several major altcoins seeing significant rallies. Bitcoin’s (BTC) gains in combination with altcoin gains have caused the total crypto market cap to increase from $190 billion to $240 billion during 2020 so far.

In the past week Bitcoin SV (BSV) has rallied from $110 to as high as $435, with most of that gain happening in the past two days, although the rally has leveled off now with Bitcoin SV (BSV) dropping back to $320. It appears this rally may have something to do with Bitcoin SV (BSV) Founder Craig Wright declaring that he has gained possession of billions of dollars of Bitcoin (BTC), although the validity of this claim cannot be confirmed.

Simultaneously, Bitcoin Cash (BCH) has risen from $240 to $335, and Dash (DASH) has skyrocketed from $50 to $120. Considering that Bitcoin Cash (BCH) and Dash (DASH) have little to do with Craig Wright, it seems that there are other forces causing a rally in the altcoin market.

In general, altcoins are up 5-10% in the past 24 hours, far more than Bitcoin’s (BTC) 1% gain in the past day. Essentially, the market is seeing the first altcoin led rally in perhaps months, whereas before Bitcoin (BTC) was generally leading the market.

Other possible forces that could be causing this bullishness are the launch of Bitcoin Options on Bakkt, CME, and FTX, geopolitical tensions in the Middle East, expectations of a stock recession in 2020, and the May Bitcoin (BTC) block halving. That being said, it is difficult to pin down which forces are responsible for the recent significant gains in the crypto market.

In any case, the crypto space is beginning to resemble the first half of 2019, with bullishness prevailing.

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