This summer is marked by extreme ups and downs of major cryptocurrencies’ value. After a week of losses, the first glimpse of recovery crypto market is ahead. On 8 August we saw a total market capitalization worth of just $219 billion. This was a new low for a market, in fact, biggest since mid-November 2017. Because of that fall, investors saw today’s recovery of value as a sign of relief.
Bitcoin is slowly recovering with today’s value of around $6,500. Most famous cryptocurrency jumped about $300 more the next day after the fall, making a small leap from $6,229 to $6,528. That is a good trend for bitcoin after a period where it was losing 14 percent of value on a weekly basis. Although the rise in value is good news for investors, the fight is not over.
U.S. Regulators Influences Crypto Value
Signs of recovery are here, but we will know more when U.S. regulators decide whether to approve a high-profile BTC exchange-traded-fund (ETF). In the meantime, the decision is officially delayed. Creator of Dogecoin, Jackson Palmer thinks that market is still in a fragile state, as indicators show a downtrend in decentralized application (dApp) usage.
Although uncertainty still looms large, every major cryptocurrency is gaining value. Ethereum is trading around $290, which is a small rise, but rise nevertheless.
Amid all the talk about U.S. regulators, all major coins gained value, rising from 1 to 9 percent. Only losing currency in the top 20 is Ethereum Classic, which saw the drop in value by two percent, trading around $13. Current total market capitalization of all cryptocurrencies is around $216.5 billion at the time, up over $4 billion from yesterday’s $212 billion low.