Crypto market cap leaps by $12 million

Good news today! The total crypto market cap leapt up by $12 million in one hour yesterday and the top 100 coins all saw gains.

Bitcoin (BTC) had been trading at around $6,400-$6,500 before seeing a sharp five percent spike in the space of just 45 minutes, to peak at around $6,790. It has since dropped slightly to trade around $6,700 this morning, but is still up about 6.2 percent on the day.

All but one of the top ten cryptocurrencies have seen major growth during yesterday’s spike, each gaining 4 to 9 percent on the day.

As a some crypto commentators tweeted, the sudden and sharp upswing across crypto markets began just as crypto trading platform BitMEX announced it was halting trading for scheduled maintenance at 1:00 AM UTC. A series of Twitter polls in the period just before BitMEX’s scheduled shutdown suggested that the move would affect Bitcoin’s price.

BitMEX is not listed on CoinMarketCap’s Bitcoin price and volume averages because, as it states on the CoinMarketCap site, “[t]he BTC/USD market on BitMEX is a derivatives market NOT actually spot trading Bitcoin. As a result, it has been excluded from the price and volume averages of Bitcoin.” BitMEX describes itself as a “Peer-to-Peer Trading Platform that offers leveraged contracts that are bought and sold in Bitcoin,” and it reports its daily trade volumes as being around $3.76 billion.

Bitmex has resumed trading this morning – so let’s see if that has any further impact on the value of each cryptocurrency and on the total market cap. For the moment, things are looking brighter for the crypto community, but there are still a lot of hours left in today, which means anything can happen between now and tomorrow.

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