Crypto Bulls Fighting Back? Market Sees Green After Sell-Off
The cryptocurrency market is flashing green on Wednesday after the major recession, with total capital rising to more than $ 11 billion over 24 hours.
As CoinDesk previously reported, there is a sign of a turnaround after a rough patch for the lowest market in 2018.
According to the CoinDesk Bitcoin Price Index (BPI), the world's largest cryptocurrency bitcoin by market cap is trading at an average of $ 6,349. The price was very low yesterday at $ 5,921.65.
Bitcoin set a record high of $ 6,612.73 on Wednesday.
Ether (ETH), the turning point in the world's second largest cryptocurrency by market capitalization, is perhaps the most notable given the recent severity of market freefall.
The price of ETH fell from $ 407 on August 7 to $ 257 yesterday. This is a depreciation of more than 36% per week, according to the CoinDesk 's Ether Price Index (EPI). A number of cryptocurrencies could not show positive growth in BTC value due to Ether's fall.
Sellers of cryptocurrency have since been able to breathe and now have a bailout rally with a price of over 12% (on a press time basis). EPI reports a price of about $ 289 in writing.
The rest of the market followed immediately and the total market cap exceeded the lowest of $ 21.2 billion in eight months. At the time of this writing, this figure is about $ 205 billion.
All of the top 10 cryptocurrencies due to market capitalization now report a 24% profit of more than 4% except for the star lumens. In addition, according to CoinMarketCap, ETH, XRP, Monero and EOS both rose more than 8% with ETH leading the price increase over the last 8 hours.
Disclosure: I have written in BTC, AST, REQ, OMG, FUEL, 1st and AMP.
Images through Shutterstock
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CoinDesk, a leader in block-chain news, is a media outlet that pursues the highest standards of journalism and adheres to strict editorial policies. CoinDesk is an independent operating subsidiary of the Digital Currency Group, which invests in cryptocurrencies and block-chain startups.
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