Total Market Cap Still Below USD200 Billion In Spite of Sharp Rebound in Crypto Market

Total Market Cap Still Below USD200 Billion In Spite of Sharp Rebound in Crypto Market

September 10, 2018 Off By Sydney Ifergan

Bitcoin jumped more than 3% in under an hour at the moment, happening to trade sideways under the USD6, 400 marks for many hours, before declining again. At press time, BTC is up approximately one percent on the day to trade USD 6,241.

While taking a steep price hit last September 5, BTC been trading between USD6.400 to USD6,500- about USD1000 lower than its previous week’s rate of USD7,391. Now, the dominant cryptocurrency has turned down to USD6, 400 for the very first since the third quarter of 2018.

Ethereum also witnessed an unexpected spike in its price at this point, regaining the USD200 price point for many hours, prior to going down. ETH dipped under the USD200 price mark this weekend for the very first time since last year. At press time, ETH has trade amount of USD194.

At the onset of the month, ETH had broken in the USD300 threshold. However, ATC has continued to shed price since it significant plunge last September 5. ETH on its weekly chart is down more than 34 %, with 45% monthly losses.

Amongst the other popular cryptocurrencies, only three are in the red, and just a little bit, with the rest experiencing one to six percent growth. XLM or Altcoin Stellar ranked sixth place by market capitalization, is down the most, experiencing a more than one percent loss on the day.

EOS ranked fifth, is experiencing the most growth amongst top 10 digital currencies today, up five percent on the day to trade at approximately USD4.95. However, today’s growth has reclaimed several grounds EOS lost in a more priced dip in former times.

LTC has also experienced relatively stable growth, up 4% to trade at approximately USD55, 10. Amongst the top 20, coins are also seeing mostly green, with the two coins in red down less than one percent.  In spite of the sudden surge, total market caps of all digital currencies are still declining, currently about USD195.5 bln at press time. The recent number is down by USD44.7bln from its intraweek high.

Vitalik Buterin co-founder of ETH stated in an interview that he believes that the growth in cryptos is getting close to hitting a dead end, today which the initial work to augment blockchain and crypto awareness has mostly been done.

While speculative values surges might be a thing of the past for Vitalik, he pointed out the promised of the cryptocurrency world entering a phase dedicated to “real application of real financial activity.

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