Bitcoin Price Leads Crypto Comeback after Market Briefly Dips Below $250 Billion

Journalist:
Josiah Wilmoth @Y3llowb1ackbird
April 2, 2018

The Bitcoin price led a comprehensive cryptocurrency comeback on Monday after the market briefly dipped below $250 billion on Sunday.

Source: CoinMarketCap

Altogether, 97 of the top 100 cryptocurrencies posted gains against the US dollar, enabling the cryptocurrency market cap to rise by $15.4 billion. This constituted a single-day gain of more than six percent and raised the index to a present value of $260.5 billion.

Bitcoin Price Fights for $7,000 as Market Recovers

The Bitcoin price headlined the rally, achieving an increase of nearly six percent and extending as high as $7,132 on Bitfinex during intraday trading. At present, the Bitcoin price is valued at $6,930, which translates into a $118 billion market cap and a 45.3 percent share of the total cryptocurrency market cap.

Bitcoin Price Chart

Ethereum Price Sees 5 Percent Bump as Community Debates 120 Million ETH Cap

The Ethereum price made similar progress, rising five percent to $385 on Bitfinex. Ethereum now has a $38.1 billion market cap and a 14.6 percent share of the index.

Ethereum Price Chart

It’s unclear whether Ethereum’s rally has any connection to a proposal — published by Ethereum creator Vitalik Buterin — to set an ETH currency supply cap in a future network update. Though started as an April Fool’s Day prank, the initiative has generated an organic debate, and Buterin himself has stated that he believes a fixed currency supply is “worth considering” as Ethereum transitions to a Proof-of-Stake (PoS) consensus algorithm.

Stellar Price Leads Altcoin Rally

Gains were fairly well-distributed across the wider altcoin ecosystem, and just three cryptocurrencies ranked in the top 100 — Kin, Revain, and Veritaseum — failed to return single-day increases.

Source: CoinMarketCap

The Ripple and Bitcoin Cash prices each rose about four percent and are currently trading at $0.49 and $662, respectively.

Fifth-ranked Litecoin rose six percent to $118, while EOS beat the index with a seven percent rally to $5.74.

Stellar, seventh-largest by circulating market cap, led the top-tier with an 11 percent surge to $0.21, and Cardano’s six percent increase raised its price to $0.15.

NEO and Monero rounded out the top 10 with gains of five percent and six percent, raising their prices to respective values of $48 and $178.

Josiah Wilmoth @Y3llowb1ackbird

Josiah is the US Editor at CCN, where he focuses on financial markets. 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 lives in rural Virginia. Follow him on Twitter @y3llowb1ackbird or email him directly at josiah.wilmoth(at)ccn.com.