The Bitcoin price led a comprehensive cryptocurrency comeback on Monday after the market briefly dipped below $250 billion on Sunday.
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.
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.
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.
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.
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.
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.
Last modified: May 20, 2020 8:56 PM UTC