The crypto comeback continued on Tuesday, adding about $12 billion to the total value of all cryptocurrencies. The bitcoin price led the charge, rallying 15% for the day. Ethereum, meanwhile, posted even more impressive gains; it surged by more than 20% to $200. Altogether, 14 of the top 15 coins experienced double-digit percentage price increases as the total cryptocurrency market cap swung back above the $80 billion mark.
At present, the total value of all cryptocurrencies is about $82 billion, nearly identical to where it was a week ago. Significantly, this represents a $22 billion increase since Sunday.
Earlier in July, the bitcoin price fell below the psychologically-important $2,500 milestone amidst uncertainty regarding network scaling proposals, setting off a downward trend that brought bitcoin as low as $1,843 on July 16. Since then, miners appear to have agreed on Segwit as a short-term solution, reducing the likelihood of a chain split and restoring investor confidence. Consequently, the bitcoin price has leaped out its rut, rising nearly 15% in the past day alone. Since Sunday’s low, the bitcoin price has risen by an astounding $492, rewarding investors who bought into the dip. Bitcoin’s market cap has now increased to $38.4 billion.
The ethereum price finally appears to have reached its stable floor, restoring certainty to the market following ethereum’s recent bull run and subsequent sell-off. On Tuesday, the ethereum price rose by more than 20%, edging past the $200 threshold to its current value of $202. Ethereum has now returned to where it was at before last week’s skid, giving it a market cap of about $18.9 billion.
The altcoin markets were a bloodbath last week, so they reaped significant benefits from Tuesday’s rally. Litecoin was the only top 15 coin to rise less than 10%, and more than half of the top 15 coins have now posted positive 7-day returns.
The Ripple price led the advance, posting a 21% gain and bringing its market cap within striking distance of $7 billion.
The litecoin price was not as fortunate as other top altcoins, but it still rose a respectable 5.8% to about $44. Ethereum Classic, Dash, Monero, EOS, BitConnect, Zcash, and AntShares all saw 10% or better gains, but the real standouts were NEM, IOTA, Stratis, and Veritaseum.
The NEM Price increased 23%, restoring it to the $1 billion market cap club. The Stratis price rose 47% to $4.62, earning it the 10th place spot in the rankings. Veritaseum is equally as impressive, rising 49% to $195, although Stratis’ gain prevented it from cracking the top 10.
The IOTA price, meanwhile, is on an absolute tear. Yesterday, it rose 48%, which it followed up with a 24% gain today. The IOTA price is now about $0.30.
IOTA’s rebound comes amid several positive announcements. The platform has recently formed researched partnerships with prominent healthcare providers and universities to develop blockchain-based Internet of Things solutions.
Bitcoin dominance has begun to taper since it briefly crossed 50% on Sunday. Bitcoin currently boasts a 46.8% market share, a slight decrease from Monday.
Ethereum’s market share held steady at 22.8%, while litecoin’s has fallen below 3% to 2.8%. The real winner today was Ripple, whose market cap share increased almost 1% to 8.4%.
Last modified: May 21, 2020 9:39 AM UTC