The summer crypto rollercoaster continues, with the market now experiencing gains after sustaining major losses yesterday.
On August 8, after the total market capitalization had shrunk to $219 billion – its lowest level since mid-November 2017. In today’s upward bounce, virtually all of the major cryptocurrencies have posted gains.
Bitcoin (BTC) is trading at $6,531 at press time, up around 3.2 percent on the day. The leading cryptocurrency shot up around $300 within the space of two hours earlier today, from $6,229 to $6,528. Having since slightly corrected downwards, the coin is nonetheless trading $330 higher at press time than its 24-hour low at $6,144. Bitcoin’s weekly losses however remain at 14 percent, with 3.5 percentage loss on the month.
Ethereum (ETH) is currently trading around $363, up around one percent on the day to press time. The altcoin’s intraday spike closely correlated with that of Bitcoin, as it jumped up from $352 to $367 within two hours. Ethereum’s losses on its weekly chart remain at around 11 percent, with monthly losses pushing 24 percent.