Although the market has by no means fully recovered, the positive will certainly be heartening for investors who got left holding cryptocurrencies after the crash which saw the total market cap drop more than ten per cent in a matter of hours.
Things are looking up again today; the total market cap for all cryptocurrencies has gained back about ten billion dollars, which is certainly a start.
As the above chart shows, the market cap reached a low of about $219 billion earlier today (Thursday) before beginning the slow climb back up to the current number.
This tends to happen after a harsh correction like what occurred yesterday as investors scramble to buy on the dip.
In fact, one could even make the argument that the nosedive was the result of collusion amongst big holders who wanted to trigger panic selling in order to buy back in at a lower price.
But that is mere speculation, of course; the crypto market is unlike other financial markets in that it doesn’t take all that much to trigger a dip or a rally.
One Bitcoin (BTC) is currently fetching $6,658, up 3.99 per cent at time of writing, according to averaging data from CoinMarketCap.
Ripple’s XRP is slowly recovering with one XRP trading at $0.346771, up 3.69 per cent in 24 hours.
Stellar has shown a very promising recovery so far having been one of the tokens hardest hit by the crash; XLM fell more than 15 per cent yesterday but has gained back nearly ten per cent in 24 hours.
At time of writing, one Stellar Lumen is trading at $0.221334, according to CoinMarketCap.
Most coins are still rising, at time of writing, but tomorrow will tell whether this recovery sticks or not.