Crypto Market Back to $200B on Strong Recovery

 In Altcoins

The cryptocurrency market went past the $200B again as Ethereum recovers.

The cryptocurrency market breached the $200 billion level again on Tuesday after a sudden spike in digital currencies in early morning trading. As of 4:00 p.m. UTC, the crypto market volume was valued at $200,073,706,122.

Data from Coinmarketcap showed the recovery in Ethereum, the second largest digital currency by market cap, helped push the market uptick. Ether was trading at $211.70 after jumping 1.92% with a value of $2,057,169,171. XRP, the third biggest digital currency by market capitalization, recorded the highest gain at $0.323782 with an 18.50% rise ($12,889,440,112), its highest in 11 days.

The jump in XRP value is attributed to reports that Ripple’s technological basis is undergoing a significant commercialization effort.

Bitcoin, which accounts for over 55% of the total market share, rebounded from its latest five-day low. Bitcoin closed at $6,371.48, or a gain of 1.02% ($110,064,879,070) from the previous close at $6,281.20.

On September 12, the digital currency market reported its lowest level since November 1, 2017, after the total volume dropped to the $186.2 billion level twice. Bitcoin, Ethereum Cash, Cardano, and Litecoin were the worst performers among the top 10 coins, losing between 7% and 8%. Bitcoin managed to raise its dominance level to more than 57.5% during the period.

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Forex trading platform Markets.com chief market analyst Neil Wilson commented then:

“It just shows what a massive, speculative bubble the whole crypto thing was — as many of us at the time were warning. It’s a very likely a winner takes all market — Bitcoin currently most likely.”

The last time Bitcoin touched the $6,900 was on August 22, right after cryptocurrency trading platform BitMEX went offline. BitMEX allows traders to short Bitcoin on margin.

According to some analysts, the subtle movement in Ethereum price over the past two months is a reflection of the much broader issues affecting the “developer’s” digital currency. There has been a spike in the liquidation of Ethereum holdings among ERC-20 startups that exposed the coin to vicious downturns.

Data also showed a decline in initial coin offering (ICO) fundraising activities. ICOs raised an estimated $337 million in August, the lowest amount in more than a year.

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