Cryptocurrency Market Cap Surpasses $300 Billion On Strong Bitcoin Rally

Cryptocurrency investors received an incredible shock today after seeing a double-digit spike in less than an hour.

After being on a downward trend since the start of the year, many are hoping for the end of the four-month-long bear market for Bitcoin and other cryptocurrencies.

While cryptocurrency markets are known for their high volatility and erratic behavior, this type of rapid price fluctuations are usually isolated to coins with smaller trading volumes.

Keeping in mind the current market cap of BTC is estimated at $130 billion, these kinds of shifts in Bitcoin's value equate to millions of dollars worth of trades being bought and sold.

Ready to have your mind blown? More Bitcoin traded hands in that one hour than *any other time in history*.

BTCUSD volume: ~$550M XBTUSD volume: ~$635M. That's $1.2 billion trading volume in one hour! pic.

Such a massive influx of capital is usually indicative of institutions entering the cryptocurrency market.

It remains to be seen whether this truly is the end of the bear market for cryptocurrencies.

With the recent OTC exchanges seeing "Multi-billion dollar" volumes and P2P exchange portals across the globe seeing similarly large volumes, interest in the crypto markets remains strong.

Finally, CryptoSlate takes no responsibility should you lose money trading cryptocurrencies.