Ethereum, Bitcoin Prices Surge as Market Springs Back to Life

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.

Chart from CoinMarketCap

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.

Cryptocurrency Market Cap Chart from CoinMarketCap

Bitcoin Price Recovers From Dip

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.

Bitcoin Price Chart from CoinMarketCap

Ethereum Price Fights Back to $200

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.

Ethereum Price Chart from CoinMarketCap

The Great (Altcoin)Procession

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.

Altcoin Price Chart from CoinMarketCap

The Ripple price led the advance, posting a 21% gain and bringing its market cap within striking distance of $7 billion.

Ripple Price Chart from CoinMarketCap

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 Price Chart from CoinMarketCap

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 Begins to Taper

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.

Chart from CoinMarketCap

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%.

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Josiah Wilmoth @Y3llowb1ackbird

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 and Investing.com. He holds bitcoin, but does not engage in day trading. Follow him on Twitter @y3llowb1ackbird or email him directly at josiah.wilmoth(at)ccn.com.

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