What goes up, must go down… what does down, must go up…? After a big and bloody plunge this week — which saw the price of bitcoin touch a two-month low of sub-$6,000 — the crypto market has mounted a comeback with double-digit gains across the board.
Coinmarketcap.com — the current go-to for crypto pricing — shows that bitcoin is up 26 percent in the last 24 hours to $8,200 following that bloodbath. Of the remaining top five: Ethereum is up 32 percent over the same period, Ripple and Bitcoin Cash both rose by 22 percent, and Cardano is up 25 percent.
Of the top 10 most valuable cryptocurrencies, all have seen gains of at least 20 percent with NEO, in particular, clocking an increase of more than 55 percent.
The gains continue right down the tail, with Coinmarketcap.com’s top 100 most-valued cryptocurrencies all posting increases over the last 24 hours.
The total market cap of all cryptocurrencies is estimated at over $390 billion, with bitcoin representing 35 percent of that figure.
That marks a recovery, but the total market cap is still some way down from where it has been lately. We reported that it was at $459 billion last week, having been as high as $830 billion in early January.