The price of oil is up by a massive 20%, and markets can now rest more comfortably. Dow Jones has surged by 450 points, while BTC price is back above the $7,000 mark. The price of bitcoin today received a substantial 4% boost, with the flagship digital currency crossed above $7,000 once again.
On April 20th, the landmark drop in the price of oil left market participants panic-stricken. As a result of the decline, both the stock and cryptocurrency markets plummeted. Nevertheless, today investors of both markets seem to have gained a bit more morale.
Crypto industry market cap drops as BTC price improves
The entire cryptocurrency market surged by a robust $9 billion, taking the total market capitalization to $206 billion. However, that figure has since plummeted to $202 billion. Ethereum, the second-largest digital currency, saw notable gains too apart from bitcoin.
Ethereum’s price surged by a sizable 7%, with the crypto’s price currently at $182. Besides, Ripple’s XRP also got a 2% boost with the crypto trading just above the $0.18 mark.
Stock market gains as oil rule the day
On the other hand, stocks also saw an improvement for the first time in 72 hours. The Dow Jones Industrial Average (DJIA) extended by a good 450 points. The sizable surge brought the total points of the DJIA to 23,475 late in the afternoon.
Oil had a much better day than both the stock and digital currency markets. West Texas Immediate, which caused the industry to collapse as a result of its oil futures drop, surged by roughly 20% for June delivery, moving the price of oil to just under $14 each barrel.
Generally, the entire oil industry has plummeted by a massive 70% in 2020 as a result of the hang backs brought about by the widespread COVID-19 pandemic. Indeed, oil is trading way below where the industry was just a week ago, but today’s little improvement won’t hurt.