The total crypto market cap surged by over 2 percent in the last 24 hours to hover about $2.24 trillion on Tuesday during the mid-London session. The altcoin industry quickly responded to the Bitcoin (BTC) price surge above $60k.
As of this writing, Bitcoin price had surged 4 percent in the past 24 hours to trade at about $60,864.
Large-cap altcoins – led by Binance Coin (BNB), Ripple Labs-backed XRP, Dogecoin (DOGE), and Tron (TRX) – surged over 5 percent in the past 24 hours.
Top Reasons Crypto Surged Today
General Market Recovery
As previously reported, the recent crypto crash was triggered by a massive crash in the stock market space led by the Japanese Nikkei 225. However, the intervention by monetary regulators, including rising global liquidity, has helped ease the recent losses.
With Gold trading around its all-time high achieved over the weekend, the crypto industry was bound to follow the same path.
Flippening Crowd Sentiment
As Bitcoin price consistently closed above the crucial support level of around $58k and rebounded to a daily high of about $61.3k, the fear of further crypto capitulation subsequently decreased.
In addition to improving crypto regulatory clarity in different markets – led by India, the United States, Russia, and potentially China, among others – more institutional investors have been buying the dip.
As previously reported, Bitcoin whales led by spot ETF issuers have accelerated the accumulation pace.
Rising Stablecoins Supply
Since the cryptocurrency crash earlier this month, stablecoins issuers Circle and Tether have minted billions of dollars, which have been deposited into different exchanges. As a result, the overall buying pressure has drastically increased despite the recent fear of further crypto capitulation, based on the bearish sentiments of August and September.
Earlier today, Tether minted 1 billion USDT, thus maintaining its status as the federal reserve for the crypto industry.
Also Check Out: Technicals Suggests to ‘Sell Bitcoin’; But Here’s What Waiting for BTC Price Rally
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