Bitcoin (BTC) stayed around $7,500 on Nov. 27 after a surprise bullish reversal took markets $700 higher the previous mean solar day.

Cryptocurrency market daily overview

Cryptocurrency market daily overview. Source: Coin360

Bitcoin clings to surprise gains

Data from Coin360 showed BTC/USD come down slightly from Wednesday'southward local highs of $7,640 to trade but over $7,500 at press time.

The largest cryptocurrency took traders unaware during the previous session, jumping from beneath $6,900 when many braced for further drops.

Bitcoin seven-day price chart

Bitcoin seven-24-hour interval price chart. Source: Coin360

Prior to that, pressure level had been building on Bitcoin after news that major South Korean exchange Upbit had suffered a loss of funds worth over $50 meg.

The fresh run-upward appeared to already bear upon sentiment amongst traders, with well-known social media entities hinting the mood had changed from shorting price decreases to long positions.

"Before this twelvemonth, bitcoin went from $4,000 to $xiv,000 in less than iii months. Only one pullback, and anybody forgets," analyst Rhythm summarized near Bitcoin's movements in 2019.

Despite price action, not anybody appeared concerned about the future. Every bit Cointelegraph reported, institutional investors were piling into Bitcoin futures more than ever this week, with Bakkt'due south production setting behemothic daily trading records.

Miners, too, nevertheless saw bullish potential in Bitcoin'southward short-term future, despite BTC/USD breaking below their assumed breakeven point over the past week.

Altcoins benefit from BTC upside

Bitcoin'south 8% daily gains ricocheted around altcoin markets on Thursday, with many cryptocurrencies gaining effectually 5%.

Ether (ETH), the largest altcoin by market cap, was upwards four.5% at printing fourth dimension, trading at $152.

Ether seven-day price chart

Ether seven-twenty-four hour period price chart. Source: Coin360

Others performed better still, with EOS (EOS) gaining 6.5% and Tron (TRX) 9.4%. The clear winner on the day was Algorand (ALGO), which spiked 25% to challenge $0.27.

The overall cryptocurrency market place cap was $205.5 billion, back from losses that previously sent it under $190 billion. Bitcoin's share totaled 66.5%.

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