RATE Group | Crypto market grows by $13 billion as bitcoin breaks the $10,000 threshold for the first…
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Crypto market grows by $13 billion as bitcoin breaks the $10,000 threshold for the first…

09 May Crypto market grows by $13 billion as bitcoin breaks the $10,000 threshold for the first…

Posted at 05:24h in Bitcoin News by

A man walks past an electric board showing exchange rates of various cryptocurrencies including Bitcoin (top L) at a cryptocurrencies exchange in Seoul, South Korea December 13, 2017. REUTERS/Kim Hong-JiReuters

  • The cryptocurrency market added $13 billion in value over the past day as bitcoin jumped more than 6% Thursday evening.

  • Bitcoin has rallied more than 100% from its March 16 low and has eclipsed $10,000 for the first time since February.

  • The three major reasons for the move include anticipation of the next bitcoin halving, institutional investors adding exposure, and the perception that bitcoin would protect against a surge in inflation.

  • Visit Business Insider’s homepage for more stories.

Bitcoin jumped 6% on Thursday, causing a $13 billion surge in market value for the entire cryptocurrency market, according to data from Coindesk.

The entire cryptocurrency market is worth a combined $267 billion as of Friday morning, data from CoinMarketCap shows. 

The top three cryptocurrencies ranked by market value are bitcoin, worth $181.5 billion; ethereum, worth $23.4 billion; and XRP, worth $9.5 billion.

Bitcoin’s Thursday jump only adds to its recent gains. The…

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