The cryptocurrency market is flashing green Wednesday following a major downturn, with the total capitalization rising more than $11 billion on a 24-hour basis.
The signs of a turnaround emerge in the wake of a rough patch for the market, during which it hit its lowest point for 2018, as CoinDesk previously reported.
At press time, bitcoin, the world’s biggest cryptocurrency by market capitalization, is trading hands at an average of $6,349 – a considerable improvement from yesterday, when the price hit a low of $5,921.65, according to the CoinDesk Bitcoin Price Index (BPI).
Bitcoin hit a high of $6,612.73 during Wednesday’s session, BPI data shows.
A turnaround for the world’s second largest cryptocurrency by market capitalization, ether (ETH) is perhaps most notable given the severity of its recent market free fall.
The price of ETH fell from $407 on August 7th to a low of $257 yesterday – a more than 36 percent week-to-week depreciation, according to CoinDesk’s Ether Price Index (EPI). Ether’s plummet made it next to impossible for many cryptocurrencies to show positive growth in BTC value.
Sellers of the cryptocurrency have since taken a breather, allowing for a more than 12 percent relief rally in price to occur (by press-time prices). The EPI is reporting a price of roughly $289 at time of writing.
The rest of the market immediately followed suit, bringing the total market capitalization at one point back above the $212 billion mark from a more than eight-month low. As of the time of writing, that figure is hovering around $205 billion.
All of the top 10 cryptocurrencies by market capitalization are currently reporting 24-hour gains above 4 percent with the exception of stellar lumens. What’s more, ETH, XRP, Monero, and EOS are all posting gains of above 8 percent, with ETH leading the pack for price growth in the past 24 hours, according to CoinMarketCap.
Disclosure: The author holds BTC, AST, REQ, OMG, FUEL, 1st and AMP at the time of writing.
Image via Shutterstock
Author: Sam Ouimet