The cryptocurrency market has seen positive gains in the past 24 hours with Bitcoin entering the $7,000 territory in early trading reaching $7,287.77 (+4.13 per cent).
But the best performer among the top coins was Ethereum (+13.27 per cent), followed by Tezos (+11.56 per cent) and Eos (+10.97 per cent).
Overall, the cryptocurrency market had a great day, with an average gain of 8.9 per cent.
Bitcoin even reached $7,400, a level at which sellers have entered the scene. It is currently trading at $7,357.
According to CoinMarketCap, trading volumes on the Bitcoin network have jumped by 45 per cent over the past 24 hours.
Although Peter Schiff, CEO and chief global strategist of Euro Pacific Capital Inc, a broker-dealer based in Connecticut and chairman of ShiffGold, stated that Bitcoin will “never become a safe haven” asset.
In a tweet he said: “Investors seeking a real safe haven will never buy a speculative asset on the chance that it may eventually become a safe haven. Since anyone doing so is speculating, the only people who will ever buy Bitcoin are speculators”.
The RSI has also risen, although it remains in the neutral area. Altcoins have followed Bitcoin's trend. For example, Ethereum has risen and is currently trading at around $172.06.
The market capitalisation of the crypto sector moved back to the $200bn range and is currently $203.558bn, on a 24-hour volume of $57.29bn (+84.3 per cent).
According to CoinMarketCap’s ranking, all coins in the top 10 are in green apart from Tether which was down -0.15 per cent in the past 24 hours and currently stands at a price of $1.00