Back to Life: Market Goes Through Rehab With $12K Bitcoin and Ripple on Top

Back to Life: Market Goes Through Rehab With $12K Bitcoin and Ripple on Top

It looked like the end of the world, when bitcoin and its brethren started despairingly crashing down on January 16. No one expected such a massacre and no one could predict the ultimate recovery, but what people did precisely is that they termed the day the ‘Blood Tuesday’. At that time, just in the frames of 1.5 hours bitcoin plummeted by more than $1,400 and in the evening reached the low of $10,064.

Bad Days

But the decline mentioned above was not the most terrific. On Wednesday, January 17 happened something which held the breath of all ‘hodlers’: bitcoin dropped to the 2018 low of $9,402, according to the Coinmarketcap.com. It marked exactly one month since the day when BTC skyrocketed to the all-time high of $20,000 on December 17, 2017. No one would be happy to be in the shoes of people, who piled into BTC $19,000 three weeks ago.


However, it was not the only bitcoin which suffered. For the two days, in the list of top-100 cryptocurrencies, the vast majority of virtual coins were colored in red. Except for a few coins which demonstrated doubtful 1-2% growth, the rest of altcoins was sucked in the bloodbath, decreasing by 15-25% on average, as particular currencies, e.g., Dogecoin, even halved in price. On January 17, the total coin market cap made up just $415 billion. This was 1.7 times less than the indicators from two days before that.


As some cryptocurrency skeptics had even started talking about the market bubble going off, bitcoin and its ilks set course for easy recovery on January 18. Currently, the total market capitalization makes up $592 billion, and although this result is not as overwhelming as one could have imagined, it brings out the positive vibes of recovery.

First Signs of Rehab, Bitcoin Reaching $12,000

Obviously, bitcoin was the one to lead the restoration of the whole crypto market. After reaching its $9,446 low on January 17, the king of all cryptos started sweepingly climbing up, until after a few others insignificant plunges it raised to $12,076 on January 18, soaring by 14%. Today at the moment of writing, on January 19, BTC is being traded at the rate of $11,953, showing a 1.78% growth.


In the meantime, top-altcoins started gaining back their value on January 18 as well, so the top-100 list that day was mostly greenish. By today the total crypto market cap has recovered by more than 35% from ‘Black Wednesday’s’ anti-record of $415 billion.


Ethereum’s $1K Is Back

Those, who lost the chance to invest into the ether before it surpassed the margin of $1,000, were very happy to see the coin’s price back at $780 on Wednesday. However, that was a temporary alteration. Just after a few hours after the severe decline, bitcoin’s little brother started flirting with $900 and on January 18-19 was preferably exceeding the rate of $1,000. Currently, this coin’s market cap is recorded at $104.9 billion.


Altcoins Land

The best performance among all cryptocurrencies demonstrated Ripple, as it skyrocketed as much as 57% to $1.61 and kept growing, regaining back each cent step-by-step. Such XRP’s success could have been triggered by the calming down of South Korean crypto curbing turmoil.


Ripple was getting tagged by two other rivals, which were stellar and NEM. But if the second one managed to increase by 47% on January 18, the first one outperformed it, growing up by 57% the same day.

Among other altcoins, which displayed significant growth, appeared to be Litecoin, Cardano and NEO, each of them grew up by 20-35% last day. At the moment of writing, the majority of top-100 cryptocurrencies was showing definite signs of recovery.

Charts Source: coinmarketcap.com