The prices of cryptocurrencies in the global markets are surging by over 15%, after a year of deterioration in their value.
Such has been the rally that out of the top 50 cryptocurrencies listed on the Coinbase, only six have shown the decline in the past 24 hours.
Among the cryptocurrencies, the highest jump has been shown by the bitcoin cash. The bitcoin cash has rallied over 54.8% in past 24 hours to value at $208.49.
Other cryptocurrencies showing higher growth include Bitcoin SV (32.55%), Bitcoin Gold (23.6%), Bitcoin Diamond (27.6%).
Bitcoin, which is currently the top cryptocurrency has a market capitalisation of $69.5 billion. The Bitcoin has appreciated 7.53% in past 24 hours and was trading at $3,989 a piece.
The potential triggers behind the rally could be a closing of short positions – wherein, people buy when they close a short, sparking the bull run, as well as, the market could be finally reaching the oft-predicted ‘bottom.’