The Bitcoin and Ripple prices headlined a $45 billion cryptocurrency market rally that appeared to be predicated on optimism that this year’s G20 summit will not produce an international framework on cryptocurrency regulations. Monday brought a welcome respite for cryptocurrency investors, as the markets demonstrated a buoyancy that has been rare in recent days.
The Bitcoin price soared by 15 percent for the day, reversing a weeklong downtrend that had seen the flagship cryptocurrency decline from $9,500 to $7,400. Bitcoin is now trading at $8,557 on Bitfinex, which translates into a $146.9 billion market cap.
The rally was not isolated to Bitcoin; in fact, BTC’s share of the cryptocurrency market cap declined by about three-quarters-of-one percent for the day to a present value of 44.4 percent. Altogether, the cryptocurrency market cap swelled by $45 billion, representing an index return of more than 15 percent.