After a landslide seven weeks, cryptocurrencies are finally trading in the green again. According to data found on CoinMarketCap, the last twenty four hours has seen the total market capitalization of all virtual currencies rise 25% to $352 billion. The news is stunning considering that yesterday showed the total value has dwindled down to $276 billion. That is the lowest it had been since November 26.
Despite the skyrocketing price jump, things still aren’t where they were. At least not yet. When compared to last Wednesday numbers which were above $500 billion, the currencies are still down by 30%. That said, it is still 57% down from the %830 billion high seen back in January. Though on a brighter note, the ten best cryptocurrencies are all reporting double-digit numbers.
In the last 24 hours, Bitcoin, the most sought after cryptocurrency on the globe is has rose by 22%. On the Bitcoin Price Index, it is currently showing that they have an average price across global exchanges at $7,845.
The one question on everyone’s mind is what cause this sudden upturn. Market Observers seem to believe that it has something to do with the senate’s sudden lenient stance on regulating cryptocurrencies. That said, technical studies have shown that the bitcoin sell-off looked quite overdone and that a swift up turn was due at anytime. That said, cryptocurrencies are not out of the woods yet in one looks at the fluctuating weekly performances. For instance, Neo is currently on a %50 high, yet it still goes through a weekly 30% decline.
That considered, with the senate loosening their grip on bitcoin and other cryptocurrencies, we can expect to see the market boom within the coming weeks. No doubt investors have got their eyes glued to the market at the moment. This might be the best time to buy.