The past few days have been rather interesting for cryptocurrency, even though a lot of people would not necessarily agree. Virtually every currency lost value this week, although it appears markets are slowly recovering as we speak. In fact, numerous coins and tokens are noting double-digit gains once again, which is good to see. We are not out of the woods yet, though, as the cryptocurrency market cap shrunk quite a bit.
CRYPTOCURRENCY MARKETS START TO REBOUND:
After a few days of watching the trading charts, many traders will breathe a sigh of relief. It seems the recent bearish trend has been averted once again and all markets are showing signs of life. That is only to be expected, even though Bitcoin hasn’t lost or gained all that much compared to a few days ago. In fact, Bitcoin is up by just 3.65% over the past 24 hours, which is a somewhat surprisingly low number.
Most people will be paying attention to what is going on with Ethereum, though. After taking a severe beating over the past few days, it is the first currency to record a double-digit gain in the past 24 hours. More specifically, Ether’s value increased by 15.83% again, even though the market cap gap compared to Bitcoin is back at nearly US$15bn. It will take some time to recover fully in this regard, but for now, things are looking quite good.
It has to be said, Ethereum is not the only currency posting double-digit gains right now. Other top-15 cryptocurrencies showing similar gains include Dash, Stratis, and Steem. It is evident there is still a very large demand for alternative cryptocurrencies as a way to diversify an investment portfolio. It is never a good idea to put all eggs in one basket, especially not in the world of cryptocurrency. Then again, not every currency or token is worth investing in either.
It is quite interesting to look at all of the currencies listed on CoinMarketcap, though. Right now, only eight of them are reporting losses, albeit that is not entirely surprising where some of these currencies are concerned. Neither Bitcoin Plus nor BitcoinDark have anything competitive to offer. Primecoin never amounted to much either, nor did Worldcoin. Seeing so many currencies in the green is very spectacular, although not entirely surprising now that Bitcoin is going up in value once again.
That being said, it will take a few days for all markets to stabilize and find their groove again. Any gains or losses on the charts right now can be erased in mere minutes, depending on how Bitcoin’s price evolves. No one can deny virtually all currencies have their value linked to Bitcoin in one way or another.. This is especially true for all cryptocurrencies in the top 15 right now. Some smaller coins might buck the trend, but that is mainly due to traders creating a pump-and-dump effect.
Note: Information capture from themerkle.com