While the cryptocurrency industry in general had been struggling with declines in recent time, the industry experienced a massive rally to start the second half of the calendar year. Many currencies went up by around 10 percent during the weekend’s trading with the bitcoin experiencing one of its best rises in recent time.
The currency industry has been growing as the market saw a sudden spike in values without much of a change in the volume involved with trading. The bitcoin particularly saw a significant rise in its value from $5,900 at the start of the weekend to $6,600 at the end. This led to a rise of more than 10 percent in its value. The changes in value were marked by two sizeable instances of the currency going up in value, but the currency did not appear to decline below that total after it went up in value.
Many other major currencies in the field experienced similar rises in their values. Ethereum went from $420 as the weekend began to $450 at the end with another boost in its value to $475 during the Monday trading period. The rise marks one of the highest that the second-highest valued currency has experienced in recent time.
The changes in values were consistent throughout much of the weekend. The currency that had the best fortune in recent time was WAX, a currency that went up by about a third of its value in the past weekend. The currency saw its market cap rise into the nine-digit range with a total cap of a little under $120 million versus the nearly $90 million that it had at the weekend started. Bytecoin also saw a dramatic rise with its market cap reaching $640 million, a total nearly $200 million higher than what it experienced earlier in the year.
The changes in the market come as a relief to many investors, but it is currently too early to tell how well the rally might hold up. The market cap for the currency industry according to Coin Market Cap is listed at about $266 billion as of Monday afternoon. This is less than half of the $608 billion total that the field had at the start of the year.
The industry has experienced a dramatic drop in its value in the past year as ongoing worries about regulation and security have plagued the field. The bitcoin was nearing $20,000 at one point in the past, but its value as fallen to around $6,600. This is still more than twice the $2,500 value that the currency had at this time a year ago, but the market has still been up and down with no real signs of the market changing or becoming stable in the near future.
Many investors remain bullish over how the currency will act as the year goes along. Tom Lee of the Fundstrat Global Research Group continues to state that the industry has a good chance to grow and continues to argue that the bitcoin market will reach the $20,000 mark before the year ends and the values in the market change all around.Advertisement