Cryptocurrency enthusiasts should be happy to know that the market is recovering. The past week wasn’t too good for the market with all top 100 cryptocurrencies losing most of their value, but things are finally looking good again. The total market capitalization for all cryptocurrencies is now valued at $328.9 according to Coinmarketcap.
Bitcoin Leads the Way
One of the main reasons why the market is bouncing back is because Bitcoin’s price went by 3% in the last 24 hours which puts it at $8,528.94 per token. In addition, Bitcoin’s price increase helped the market grow by $144.4 billion. Therefore, Bitcoin is accounted for nearly 44% of the market’s total capitalization.
Unlike other financial industries, the cryptocurrency market is heavily swayed by sentiment and it looks like this recent price Bitcoin spike is drawing the attention of new investors.
In fact, Mark Carney who is the Bank of England governor said the following regarding the latest G20 meeting: “FSB’s initial assessment is that crypto-assets do not pose risks to global financial stability at this time”.
Cardano (ADA) Price Goes Up
Bitcoin is not the only cryptocurrency to benefit from the market’s recovery since Cardano (ADA)’s price also skyrocketed. Cardano (ADA) went up by 12.40% in the last 24 hours and the price per token is valued at $0.1851. Moreover, the total market capitalization for Cardano (ADA) sits at $4.8 billion.
To put things in perspective, Cardano (ADA) hit an all month low of $0.1275 when the market crash. Therefore, the cryptocurrency managed to grow by a whopping 48.2% during these last days.
The question that remains is if Cardano (ADA) will keep growing or if the price will stagnate? This question is hard to answer at the moment, especially when considering how volatile the market has been in 2017.