Cryptocurrency Prices Rise Back Above $150 Billion as Investment Rebounds

Cryptocurrency prices rebounded heading into Wednesday, a trend that suggests China's move to ban ICOs may have a limited impact.

AccessTimeIconSep 6, 2017 at 3:55 a.m. UTC
Updated Sep 13, 2021 at 6:53 a.m. UTC

After declining nearly 25% from an all-time high observed earlier this week, the cryptocurrency market is once again in the green.

Heading into Wednesday's trading session, the value of all publicly traded cryptocurrencies was once again on the rise, climbing 17% from a low of $134 billion observed Tuesday. At press time, this figure had recovered to $157 billion, a gain of over $20 billion in just 24 hours.

Showcasing the extent of the rally, all top-10 cryptocurrencies were displaying double-digit gains at time of publication, with litecoin, iota and monero seeing the biggest increases.

Such market movements are notable as they come just a day after an announcement from China's financial regulators that initial coin offerings (ICOs), or the sale of new cryptocurrencies to fund blockchain project development, had been deemed illegal.

Assets including bitcoin and ether, the currencies of choice in most sales, declined on the news. However, the short-lived drop suggests a bullishness in the market remains.

Most telling is that a similar increase was observed in the market for crypto assets, which saw its total investment recover to $8.5 billion, up nearly 20% from a low of $7 billion just a day before, according to data from CoinMarketCap.

Indeed, some of the largest ICO tokens already appear to be recovering investment dollars, with OmiseGo rebounding above the $1 billion mark after declining to a low of $718 million on the news.

Slinky image via Shutterstock


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