Cryptocurrency market bounces back after a tough few days

on Aug 16, 2018
Updated: May 26, 2024

Despite the large dip in cryptocurrency prices on Monday and Tuesday, things now seem to be on a more positive track if the turn of events in the last 24 hours is anything to go by. Most of the major coins like Bitcoin and Ethereum improved substantially, demonstrating once again crypto’s ability to bounce back after hitting rough waters.

Are you looking for signals & alerts from pro-traders? Sign-up to Invezz Signals™ for FREE. Takes 2 mins.

Cryptocurrency market back on the up

Copy link to section

The cryptocurrency market seems to be developing momentum on this upward trend, at least according to the progress that has been noted in the last 24 hours. By Wednesday evening, most of coins had achieved double-digit gains. Interestingly, the progress of altcoins demonstrated independence from the price of Bitcoin, since most of them outperformed the largest cryptocurrency in terms of price improvement.

Nevertheless, Bitcoin has also shown a significant progress. In fact, at some point during the day on Wednesday, it had crossed the $6,600 mark. However, it fell back slightly and by the time of writing, Bitcoin was trading at $6301 . On the other hand, Ethereum bounced back from its lowest this year to surpass the $300 mark before dropping down slightly on Wednesday evening to trade at $286. Generally, this represented a 10% rise from its earlier drop.

Some coins are struggling to keep up with the pace

Copy link to section

Despite the general positive momentum from most of the top cryptocurrencies, some still remain sluggish. One of these is Bitcoin Cash, which improved by only 5 percent to settle at $510 despite having picked up earlier to trade at $530. Another coin showing slower progress is Stellar, which posted just a 4 percent improvement to trade at around $0.22, and Litecoin also struggled to grow at the same rate as Bitcoin.

Ripple/XRP, on the other hand, also managed to roar back from its losses over the last few days by posting a 12 percent gain to trade at $0.288 on Bitfinex. NEO also posted impressive gains of 15 percent after having dipped back to trade below $17, thanks to some heavy selling noted on Wednesday evening.

Looking at this development, one can only speculate on what the next move will be. It should, however, be sending signals to panicking investors that crypto prices are are still as capable of rocketing up as they are of plummeting down.

NEO Crypto