Bitcoin Price Holds Above $8,500 as Market Fights to Cement Recovery

The Bitcoin price held above $8,500 on Tuesday as the market fought to cement yesterday's widespread recovery.

On Monday, the cryptocurrency market cap swelled by $45 billion, with virtually every top-tier cryptocurrency experiencing a double-digit percentage advance against the US dollar. The market ebbed from its intraday high leading into Tuesday morning, but it is still valued at $326 billion, which represents a 24-hour increase of four percent.

bitcoin price
Source: CoinMarketCap

This recovery has correlated with a decrease in the likelihood that the present G20 summit will produce a meaningful international framework on cryptocurrency regulations, though it is unclear what direct impact this development has had on the market writ-large.

Bitcoin Price Hold Above $8,500

The Bitcoin price lagged the index slightly on Tuesday, rising three percent to $8,513 on Hong Kong-based cryptocurrency exchange Bitfinex. Bitcoin now has a market cap of $145.1 billion, which translates into a 44 percent share of the index.

bitcoin price
BTC Price Chart

Ethereum Price Posts Lackluster Return

The Ethereum price, meanwhile, fared even worse, rising less than one percent for the day to a present value of $531. Ethereum now has a $52.6 billion market cap, providing the second-largest cryptocurrency with a market share of just under 16 percent.

ethereum price
ETH Price Chart

EOS, Cardano Continue Double-Digit Surge

The wider altcoin markets posted generally-positive returns, with the day's top performances coming from EOS and Cardano.

bitcoin price
Altcoin Price Chart

Ripple, which was yesterday's large-cap leader, posted another solid gain with an index-matching four percent increase to $0.68. Bitcoin Cash also rose four percent, raising its price to $980, while Litecoin rose less than three percent to $160.

The day's top performances came from EOS and Cardano, which leaped by 20 percent and 13 percent, respectively, to present values of $5.75 and $0.18.

NEO, ranked eighth, struggled to keep pace with its peers but still beat the index with a 24-hour gain of six percent, while Stellar's XLM token soared in value by eight percent to $0.24.

IOTA rounded out the market's top tier with a 10 percent surge that raised its price to $1.35.

Featured image from Shutterstock.

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About the author

Josiah Wilmoth
Josiah Wilmoth

Josiah is the US Editor at CCN, where he focuses on financial markets and cryptocurrencies. He has written over 2,000 articles since joining CCN in 2014. His work has also been featured on ZeroHedge, Yahoo Finance, and Investing.com. He holds bitcoin, but does not engage in day trading. He lives in rural Virginia. Follow him on Twitter @y3llowb1ackbird or email him directly at josiah.wilmoth(at)ccn.com.

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