Recovery Begins: Cryptocurrencies Regain Chunks from Thursday Blood
Recovery Begins: Cryptocurrencies Regain Chunks from Thursday Bloodbath
Cryptocurrencies staged a recovery yesterday following the massive fallout that occurred the day before. The top 100 cryptocurrencies all posted gains except for five, none of which have more than $130 million in market capitalization.
Cryptocurrency prices continue to follow market leader bitcoin. The post-fallout correction began early Thursday around the time Bitmain announced it said the bitcoin network was at a high risk of being split.
Bitcoin’s price recovered around from its $2,150 low yesterday to $2,521.28, but it is still almost 20% below its all-time high at $3,000.
Bitcoin’s Market Share Slips
Bitcoin’s market share fell to a historic 40% low, with Ethereum now above 30%, according to coinmarket.com. Ethereum’s recovery was stronger than bitcoin’s, moving to $372.79, gaining 13.82 points in the last 24 hours, almost fully recovering the 16.04 points in lost in the prior 24 hours. Ripple, a distant number three with a $10 billion market capitalization, posted one of the weaker recoveries, gaining only 3.78 points after losing more than 12% the previous day.
NEM, number four posted a 7.91 point gain after falling 17%. Litecoin, number five, had one of the healthier recoveries at 15.11 points, more than recovering the 7 points it had lost. Ethereum Classic, number six, gained 7.33 points after losing 13.77.
IOTA, number seven, posted the biggest 24-hour recovery at 18.77 points, but that was after suffering the biggest loss of all currencies in the previous 24-hour period, falling 36.5 points. Dash, number eight, the only other cryptocurrency with more than $1 billion market capitalization, regained 9.22% after losing 13.62%.
Total market cap today was $107.691 billion.
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