Soaring Bitcoin Price Leads $159 Billion Crypto Market Recovery

Advertisement

Get Trading Recommendations and Read Analysis on Hacked.com for just $39 per month.

Well, somebody bought the dip. Just as critics were rushing to proclaim that the bitcoin bubble had burst, the markets staged a $159 billion recovery. The rally was headlined by the bitcoin price, which rebounded from its sub-$10,000 fling and is currently flirting with $12,000. Several other top-tier coins, meanwhile, returned single day increases in excess of 40 percent.

bitcoin price

bitcoin price

Source: CoinMarketCap

Altogether, the cryptocurrency market cap clawed its way back to $574 billion, representing a 38 percent recovery from Wednesday’s intraday low of $415 billion.

Bitcoin Price Eyes $12,000

Wednesday served as a trial-by-fire for recent bitcoin investors, some of whom had purchased the flagship cryptocurrency for $19,000 at the height of the rally in mid-December.

bitcoin price

bitcoin price

Bitcoin Price Chart

The correction forced the bitcoin price below $10,000 for the first time since early December, but Thursday’s rally enabled bitcoin to regain a bit of the ground it had lost during the downturn. The bitcoin price rose 14 percent for the day, rising as high as $11,901 on Bitfinex before ebbing back to a present value of $11,451. Bitcoin now has a market cap of $193.9 billion.

Ethereum Price Recovers Past $1,000

The Ethereum price made a similar recovery, climbing 19 percent to $1,037 after dipping as low as $781 on Wednesday afternoon. Ethereum now has a $101.1 billion market cap.

ethereum price

ethereum price

Ethereum Price Chart

 Ripple Price Leads the Markets With 57% Surge

Thursday’s recovery lifted virtually all cryptocurrencies against the US dollar, but no top-tier coin returned a better performance than Ripple. The ripple price surged by 57 percent to $1.61, restoring its market cap to $61.6 billion.

ripple price

ripple price

Ripple Price Chart

Several factors contributed to Ripple’s outsized performance, including reduced fears that South Korea — by far XRP’s largest market — will attempt to implement a blanket ban on cryptocurrency trading.

Additionally, a major South Korean bank announced that it will conduct a second blockchain trial using Ripple’s enterprise blockchain. This trial will not feature XRP integration, but these types of announcements still tend to provide ripple with a price bump.

Stellar Leads Rest of Altcoin Pack

Altcoin prices rose across the board on Thursday, and the recovery lifted the total altcoin market cap to $386 billion.

ripple price

ripple price

The bitcoin cash price posted a strong 24 percent gain, while Cardano’s 14 percent increase lagged the returns of other top 10-cryptocurrencies.

Litecoin and EOS each achieved 27 percent recoveries, while NEO’s 34 percent increase brought its market cap within $350 million of the $10 billion checkpoint.

Next to Ripple, the two strongest performances came from NEM and stellar, which rose 47 percent and 57 percent respectively to round out the top 10.

Featured image from Shutterstock.

Follow us on Telegram.

Advertisement

Comments

comments

Filed in: Bitcoin Financial News Tags: 

You might like:

CoinJoinXT: Using the Lightning Network to Hide Bitcoin Transactions in Plain Sight CoinJoinXT: Using the Lightning Network to Hide Bitcoin Transactions in Plain Sight
Cryptocurrency Won’t Replace Money Due to State’s ‘Centralized Role’: CEO of Russia’s Biggest Bank Cryptocurrency Won’t Replace Money Due to State’s ‘Centralized Role’: CEO of Russia’s Biggest Bank
Dutch ETF Giant Makes Crypto Play Despite Regulator’s Disapproval Dutch ETF Giant Makes Crypto Play Despite Regulator’s Disapproval
From $25,000 to $22,000: Fundstrat’s Tom Lee Lowers Bitcoin Price Prediction From $25,000 to $22,000: Fundstrat’s Tom Lee Lowers Bitcoin Price Prediction
8% Gains: NEO Price Defies Stagnant Market as Network Enters ‘Era of Decentralizatoin’ 8% Gains: NEO Price Defies Stagnant Market as Network Enters ‘Era of Decentralizatoin’
New Presidential Decree Will Hasten Cryptocurrency Legalization in Uzbekistan New Presidential Decree Will Hasten Cryptocurrency Legalization in Uzbekistan
Chinese Search Giant Baidu to Launch Rewards on Blockchain Platform Chinese Search Giant Baidu to Launch Rewards on Blockchain Platform
‘Stop Trying to Create Money!’: BIS Chief Carstens on Cryptocurrency ‘Stop Trying to Create Money!’: BIS Chief Carstens on Cryptocurrency
© 2018 Virtual Mining Bitcoin News. All rights reserved. XHTML / CSS Valid.