After a brief decline, the cyrptocurrency market cap has once again leapfrogged the $100 billion levels – an indication that things are moving towards a brighter future.
The last 30-odd days have been rather low for the cryptocurrency world considering the massive price declines in all digital currencies including Bitcoin, Ethereum, Dash, among others squeezed the market cap to a low of $60 billion.
Things are again moving towards the end of the tunnel as 24 hour trading volumes have seemingly reached healthy levels of $2.5 billion.
While the overall picture is good, if we look at individual cryptocurrencies, Bitcoin is up by nearly 5 per cent to $2870 levels while Ethereum is trading about 1 per cent down to $222. Bitcoin Cash has been suffering a lot ever since it opened for trading on a number of exchanges. At the time of this writing, the new cryptocurrency is trading at $278 – which is almost half of the recent high of $515.
One of the major reasons behind this decline seems to be the rush of making money from the free BCH that are being handed out to users. With Bitcoin Cash deposits now opened on Bitfinex and Bittrex, many may be selling them for bitcoin, lowering BCC/BCH’s price while increasing that of BTC.
While the old currencies like Bitcoin and Ethereum hold their bases, new ones including IOTA, NEO and QTUM are showing signs of most increase. All-in-all things are stable in the cryptocurrency world except the Bitcoin Cash price plunge.