Crypto Assets Bounce Back Above $70 Billion Amid Day of Gains
The crypto markets saw notable gains yesterday after a weekend in which prices dropped across the asset class.
After a daunting weekend in which the value of cryptocurrencies cratered to levels not seen in months, 48 of the top 50 tokens are posting press-time gains.
In total, the value of all publicly traded crypto assets edged over $70bn today, up nearly $10bn from a low of $61bn observed yesterday. At publication, all of the top 10 cryptocurrencies were in the green, with IOTA, ether and stratis posting the biggest gains.
Overall, the price movements are the latest that add context to the still-unanswered question of whether the cryptocurrency asset class is in the midst of a "correction" after setting a new all-time high of $115bn in June. Even with the reversal, the market is still down just 40% from figures observed at that time, according to data from Coinmarketcap.
Yet, after winning mainstream press coverage and magazine covers, it appears that mainstream interest in new cryptographic assets may be waning.
Data from Google Trends shows search terms for "ethereum," "bitcoin" and "ICO" were also down from highs observed in mid-June, indicating a possible fatigue in the market among more casual buyers.
As such, it remains unclear whether today's upwards movements will be enough to jumpstart a significant rally, or how stable prices will remain given potential challenges ahead for bitcoin and ether, historically the industry's two most visible assets.
Rackets in the sand image via Shutterstock
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