Cryptocurrencies experience sizeable rebound on Tuesday following ongoing concerns in the industry. The overall market cap for cryptocurrencies had fallen by more than $100 billion in value down to close to $310 billion earlier in the week. The industry has since recovered and is now at close to $390 billion. However, this comes as there are various concerns surrounding many cryptocurrencies on the market and how they are being traded.
Various cryptocurrencies have experienced 24-hour gains of at least 20 percent of their values. The bitcoin has reached a total of $8,200. This is an improvement over the nearly $6,000 that the currency had fallen to during the recent slump. The current value is still around half of what it was during the early part of the year.
Other major currencies have experienced their own drop-offs in value as well but have been recovering just as much. Ethereum has a value of $825 not long after having gone under $600. The total is still hundreds of dollars less than what its recent peak value had been at.Advertisement
Ripple is not recovering as well as the other currencies, but it is still experiencing a rebound of sorts. Ripple has gotten a gain of a little less than 10 percent of its value over the past day. The currency had fallen to 60 cents but has since gotten back up to 77 cents in value. Bitcoin Cash also has grown in value by about the same total and is the only other currency on the market with a market cap of $10 billion or higher. Cardano is less than a billion dollars off from that mark.
As of the middle of the trading day on Wednesday, Coin Market Cap states that every one of the top hundred cryptocurrencies on the market have experienced some kind of gain. The totals are extremely varied though. Ethos has grown by more than 55 percent in value. Tether, Status and MonaCoin have only gotten a few percentage points back. However, the changes in value are reflective of the stock market as it managed to have a sizeable rebound following a historic decline on Monday.
Although the cryptocurrency market is growing again, there are still concerns over how the market might change. This comes as there was great worry around the entire investment market after the Dow Jones experienced a drop of more than a thousand points earlier in the week. Also, there are issues surrounding ongoing regulations of cryptocurrencies around the world. The subpoena of the Bitfinex exchange has also made an impact on the market. This comes as it is easier than ever before for people to trade such currencies.
The recent moves by major banks in the United States and United Kingdom to not accept credit card transactions that entail the purchase of any cryptocurrency have become a real concern as well. These and other worries have made it to where it has become tough for the cryptocurrency market to grow. This includes issues surrounding whether or not such currencies can be worthwhile for investment desires.