Crypto Market Continues to Show Green Candlesticks, BTC Recovers to $8,200

Monday, Oct. 7 — Bitcoin (BTC) continues its rebound together with most of the other cryptocurrencies, with notable gainers Chainlink (LINK) and Tron (TRX) breaking 10% gains on the day.

Cryptocurrency market daily overview. Source: Coin360

The world’s most popular crypto coin closed the week with a selloff, pushing its price well below the $8,000 mark and recording a close down 2.5% for the week. However, Monday seems to be bearing gifts.

Bitcoin started the trading day at around the $8,000 price level and has been slowly crawling upward to its current price point of $8,234, showing a gain of 5.35% in the last 24 hours.

Bitcoin seven-day price chart. Source: Coin360

German bank BayernLB recently published a report on Bitcoin versus gold, in which it predicts a big leap for the cryptocurrency in 2020, stating:

“If the May 2020 stock-to-flow ratio for Bitcoin is factored into the model, a vertiginous price of around USD 90,000 emerges. This would imply that the forthcoming halving effect has hardly been priced into the current Bitcoin price of approximately USD 8,000.”

Ether (ETH), in the meanwhile, has been showing an impressive gain of more than 6.6% on the day. The altcoin hit its intraday low in sync with Bitcoin at the beginning of the day and has since found its way to $181.12 per coin at press time

Ether seven-day price chart. Source: Coin360

Ripple’s XRP continues to show impressive gains of more than 9% over the past 24 hours and is trading at about $0.277 at press time. Cointelegraph previously reported that the altcoin has seen significant growth over the past seven days following news of a partnership between Ripple’s investment arm Xpring and major cryptocurrency payment processor BitPay.

XRP’s seven-day price chart. Source: Coin360

Top-20 coins see nothing but green, except one

XRP is not the only coin among the top-20 that is seeing significant gains. Chainlink, the 15th coin by its market cap, is up by 13.5% on the day and takes the title of the biggest gains among the top cryptos at press time. Tron follows closely and takes second place with 12.53% gains.

Unus Sed Leo (LEO) is the only top-20 altcoin in the red at press time, down 1.25%.

The overall cryptocurrency market cap increased from $214 billion to almost $221 billion, with Bitcoin making up 66.6% of the total.