Recovery Begins: Cryptocurrencies Regain Chunks from Thursday Bloodbath



Cryptocurrencies staged a recovery yesterday following the massive fallout that occurred the day before. The top 100 cryptocurrencies all posted gains except for five, none of which have more than $130 million in market capitalization.

Cryptocurrency prices continue to follow market leader bitcoin. The post-fallout correction began early Thursday around the time Bitmain announced it said the bitcoin network was at a high risk of being split.

Bitcoin’s price recovered around from its $2,150 low yesterday to $2,521.28, but it is still almost 20% below its all-time high at $3,000.

Bitcoin’s Market Share Slips

Bitcoin’s market share fell to a historic 40% low, with Ethereum now above 30%, according to coinmarket.com. Ethereum’s recovery was stronger than bitcoin’s, moving to $372.79, gaining 13.82 points in the last 24 hours, almost fully recovering the 16.04 points in lost in the prior 24 hours. Ripple, a distant number three with a $10 billion market capitalization, posted one of the weaker recoveries, gaining only 3.78 points after losing more than 12% the previous day.

NEM, number four posted a 7.91 point gain after falling 17%. Litecoin, number five, had one of the healthier recoveries at 15.11 points, more than recovering the 7 points it had lost. Ethereum Classic, number six, gained 7.33 points after losing 13.77.

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