The cryptocurrency market cap added $50 billion on Wednesday, rebounding from a correction that caused it to dip as low as $415 billion last week. The rally lifted the bitcoin price above $11,000, while Ripple, Cardano, Stellar, and NEO all posted double-digit percentage advances.
At present, the cryptocurrency market cap is valued at $551 billion, which represents a single-day increase of 10 percent and a $136 billion recovery from last week’s low point.
The Bitcoin price posted a strong performance on Wednesday, rising nine percent to a present value of $11,360 on Bitfinex. This extended the rally that began on Tuesday afternoon, immediately after the flagship cryptocurrency made a brief foray into sub-$10,000 territory.
At present, Bitcoin has a market cap of $192.4 billion, meaning that it needs less than a four percent bump to once again cross the $200 billion threshold.
The Ethereum price achieved a solid return as well, tracking the market index with a 10 percent rise to $1,050. Ethereum now has a $102.6 billion market cap, which makes it nearly twice as large as XRP, its closest competitor.
Altcoins achieved a near-universal advance against the dollar on Wednesday, and several top 10-cryptocurrencies managed to post double-digit percentage returns.
Cardano, the fifth-largest cryptocurrency by market cap, saw its price rise by 13 percent to $0.60, while EOS lagged the index with an eight percent return.
Stellar posted a top 10-best 25 percent rally, largely because payment processor Stripe hinted that it may add support for XLM payments in the future. The rally enabled Stellar to pass litecoin — which only rose seven percent for the day — in the market cap rankings.
NEO’s 22 percent increase was second-best among top-tier coins, and the “Chinese Ethereum” is now trading at a global average of $137.
NEM rounded out the top ten with a relatively tepid seven percent return and is currently trading just below $1.
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Last modified: May 20, 2020 9:09 PM UTC