Finally, after a week of a bloodbath, cryptocurrencies have stepped on the path of recovery. Since skyrocketing to $828 billion on January 7, the total market cap has been seamlessly plummeting to indicators, unseen since last year autumn. Within the last seven days, the vast majority of virtual coins were sunk in red, roughly giving hope for foreseeable restoration. But February 7 changed everything.
Market’s Back on Balance
Within the past 24 hours, the total crypto market cap has soared by 25%, reaching the rate of $390.7 billion, according to Coinmarketcap.com. Just a day before, on February 6, this indicator was at $276.8 – the lowest rate which the whole cyber assets market saw since late November 2017.
Although it is a bullish trend, the rate is still quite far from last week’s Wednesday $519 billion. Moreover, today’s total cap is 53% farther from the January’s pick.
Anyway, at the time of writing, all the cryptos presented in Coinmartketcap’s 100-list, are colored green, gaining back 30-50% of their value, apart from several exceptions. For instance, altcoins ICON and Nano are showing a 60% growth, whereas Ethos and FunFair are displaying incredible soaring by 70%.
The top-10 digital coins are behaving less extraordinarily, demonstrating preferably 15-27% growth, except for IOTA (33% up) and NEO (43% up).
NEM, which suffered a devastating cyber-attack on January 26 and lost around $530 million of XEM, is showing all-embracing growth by 25%.
Moving forward step-by-step, the king of all cyber coins – bitcoin – is regaining its value as well. On February 7, it has increased by nearly 24% in price, being traded at $8,434 as of writing. It is a promising result as just yesterday BTC dropped below $6,000, losing 65% of its value since the beginning of 2018.
According to Coindesk, February 7’s high so far has been $8,464, whereas the low has been $7,207. At the same time, bitcoin’s “little brother” ethereum is recovering slightly faster than BTC, showing a 25% growth and now is traded at $846.
Whatever the reason for the recovery is, whether it is US Senate’s more benign attitude towards control over cyber assets or anything else, it is clear that a new era in the life of cryptos has come.