After the most recent meltdown, the cryptocurrency market is back to growth. The total market capitalization has dropped from $652 billion on December 21st to $423 billion on December 22nd, losing 35% of its value in a matter of only one day. Since then the market has reclaimed a portion of the lost value and is currently estimated to be worth $556 billion. It is yet to be known whether the industry will be able to reach its all-time high in the foreseeable future or not. Both explosive growth and abrupt plunges are common in an overly volatile cryptocurrency market.
Six out of ten cryptocurrencies in the top-10 list have demonstrated positive dynamics during the last seven-day period. Ripple and NEM appreciated over 40%, Bitcoin Cash grew even more, adding 56% in a matter of only one week. Bitcoin, Litecoin, IOTA and a relatively new entrant Cardano have, in turn, depreciated over the same time period with BTC losing as much as 24%.
The 24-hour trend is, however, more promising, at least for the bullish investors. All coins in the top-10 list (with an exception of Ripple) have demonstrated positive dynamics within this time frame. NEM is the absolute leader as it grew 21%.
The bitcoin dominance index (share of the bitcoin market capitalization in the total capitalization of the cryptocurrency market) has dropped to 43%, lowest since the beginning of July. Ethereum and Bitcoin Cash occupy second and third positions respectively. In February 2017 bitcoin dominated the cryptocurrency market with over 86% of the total market cap. It has dropped two times since then. The phenomenon can be explained by the growing popularity of altcoins. Investors nowadays spend their money on more than one cryptocurrency for the sake of risk diversification.Trade now
NOTE: This article is not an investment advice. Any references to historical price movements or levels is informational and based on external analysis and we do not warranty that any such movements or levels are likely to reoccur in the future.
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