Market Update: Crypto Market Recovering Tremendously from Crash (Bitcoin, ETH, Steem, etc)
Hi everyone. This Market Update article will cover the recovering state of cryptocurrencies, from Bitcoin to Ethereum to Steem and many others. This is great news for all of us here on Steemit and especially for crypto holders and investors.
Spectacular Market Recovery
The market juts began recovering from the recent crash this week, and is doing very well with many coins up well over 10% since yesterday. This week, news and rumors regarding China banning Bitcoin exchanges combined with Jamie Dimon (JPMorgan CEO)'s comments regarding Bitcoin combined to create a crash/dip state for the market.
However, as many predicted, the market is recovering quickly (just days after the comments), and many investors will have made money buying cryptos during the dip. (though the recovery is still ongoing, so I recommend investing even more!)
Below you can see the top ten cryptocurrencies by market cap, with all of them up over 24 hours:
Notable changes are Bitcoin's 10% increase, Ethereum's 9% increase (of about $25-$30), and Dash/NEM's increases of about 15% each.
The market itself is at a market cap of over $130B, and a huge 24-hour trade volume of over $11.3B. Let's go in deeper and look at the state of some other popular coins.
Bitcoin Leaps Back Up
Bitcoin just leapt back into the $3700+ range from its previous $3000+ range, a recovery of over $700 from the dip to the current price:
Bitcoin currently boasts a 24-hour volume of over $4B and a market cap of over $61B, showing an agile recovery from the dip:
Though the recovery has mostly already occurred (and buyers have reaped great profits), it's still a good time to buy in, because analysts predict that the recovery will continue on even more. Hopefully Dimon has seen that simple comments from a banking CEO can't deter Bitcoin's success, and hopefully his daughter keeps buying in :)
Steem Over a Dollar
Steem recently took a plunge with other cryptocurrencies, trading as low as $0.82, but now we're back over a dollar at $1.08:
As usual, this is great news for all Steemit users. Additionally, the Steem Dollar (SBD) took a plunge to about 80 cents but now is over a dollar (at $1.02). High Steem prices and the stability of Steem/SBD help provide value to Steemit and also can attract new members :)
Ethereum Rising Again
Ethereum (ETH) is up over 11% right now at above $260:
Ethereum is boasting a 24-hour volume of over $2B and a market cap of almost $25B, and this sharp recovery is great news for those who bought in at $200 (the 24-hour low) and for all Ethereum traders in general.
Thank you to all those who bought more crypto despite Dimon's comments, because your belief and purchasing power helped immensely in propelling this recovery. The crypto market, as I said before, is still in recovery state so it's a great time to buy in if you didn't do so already.
Thanks for reading,
— @mooncryption
image sources: All images are from CoinRanking.com, as usual. I highly recommend their website for checking crypto prices.
disclaimer: Please don't take this post as investment advice, and do appropriate research before deciding to invest or trade any cryptocurrency. Thanks :)
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