Sharp Rebound Seen in Crypto Markets, but Total Market Cap Remains Below $200 Billion

Following the bloodbath after last week’s market plunge, Bitcoin’s price spiked sharply today. Altcoins have mostly followed suit. The market can be seen as a mix of green and red.

Bitcoin jumped over 3 percent in under an hour yesterday, proceeding to trade sideways just under the $6,400 mark for several hours, before dropping again. At press time, Bitcoin is down by 1.41% on the day to trade at $6,316. Since taking a steep price hit last week, Bitcoin been trading between $6,300-$6,500 – around $1,000 lower than its intraweek high at $7,391. Today,it has dipped below the $6,400 mark for the first time since mid-August. At press time, Bitcoin is trading at a market cap of USD 109 Billion and market dominance 55.7%.

At the start of the month, Ethereum had broken through the $300 threshold, but the altcoin has continued to shed value since its major downward plunge on September 5.

On its weekly chart, Ethereum (ETH) is down over 34 percent, with monthly losses around 45 percent. Eth took a plunge today and touched $185 breaking the crucial support level of $200. Suddenly after reaching $185, it took a jump by around 8% and reached $199. It is trading at $196.3 at press time.

EOS (EOS), ranked 5th, is trading at $5.02 with a total market cap of around $4.5 Billion. It is showing a green signal with a gain of 0.36%.

Litecoin (LTC) has also seen relatively solid growth as compared to previous days. It is still showing red, retaining its long-held seventh position by the total market cap. At press time, it is trading at $54.25.

Top five gainers include Waves, Bitcoin Diamond, Bitcoin Dark, Dogecoin, and Dash. Waves is up by nearly 26% with a total market cap of around $245 million. Bitcoin Diamond is up by around 18% with a total market cap of $312 Million. The most notable coin is Dogecoin which is up by 7.85% with a market cap of $718 Million.

Despite the sudden upward movement of the market, the total market capitalization of all virtual currencies is still plunging, currently around $195.6 billion at the time of reporting. The current figure is down by around $44 billion from its intraweek high at around $240 billion.

While conjectural price rises may be a thing of the past for Vitalik, he pointed to the promises of the blockchain and cryptocurrency space entering a stage devoted to “real applications of real economic activity.”

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CryptoCurrencyUSDChange 1hChange 24hChange 7d
Bitcoin3,946.40 0.16 % 1.06 % 10.22 %
Ethereum146.71 0.50 % 1.78 % 21.08 %
XRP0.318 0.41 % 0.31 % 6.72 %
Litecoin49.10 0.64 % 0.75 % 17.06 %
Bitcoin Cash143.14 0.54 % 1.28 % 18.43 %