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Cryptos Go Green as Market Cap Holds Above $400 Billion | Pitchily
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Cryptos Go Green as Market Cap Holds Above $400 Billion

Cryptocurrency

Cryptos Go Green as Market Cap Holds Above $400 Billion


The cryptocurrency markets have begun the week on a positive note, with the total market capitalization of all currencies consolidating above the $400 billion mark.

Sellers reigned supreme a week ago, before better-than-expected Senate hearings calmed market nerves and once more boosted demand for cryptocurrencies. Bitcoin (BTC), the world’s largest cryptocurrency by market capitalization, jumped to $9,070.64 over the weekend and was last seen trading at around $8,800.

Other crypto leaders followed suit and, as a result, the total value of the market – which had hit a 10-week low of $276 billion on Feb. 6 – steadily recovered in the subsequent days.

The market cap rose to $458 billion on Saturday – the highest since Feb. 2 – according to data source CoinMarketCap. After a dip yesterday below $400 billion, the figure is back around $430 billion at press time – down 6 percent from the weekend high.

However, despite having recovered 55 percent from the February low, the market cap is still down $400 billion from the record high of $830 billion set in January.

Looking at the individual markets, IOTA is the top gainer on a 24-hour basis (up 12.59 percent) among the top 10 currencies, but ranks second (-46.48 percent) on the list of top losers on a year-to-date (YTD) basis.

Despite having rallied 86 percent from its Feb. 6 low of $0.58836, Ripple’s XRP token is still the worst performing top-10 currency on a year-to-date basis (YTD) – down 52.17 percent.

Meanwhile, ethereum’s native currency, ether (ETH), is up 15.29 percent on a YTD basis. Though impressive, the ether bulls still have a plenty work to do, given the cryptocurrency is still down 39 percent from the record high of $1,432.88 hit on Jan. 13.

Also notable, Stellar’s XLM token is up 8.71 percent in the last 24 hours, and reporting 11 percent gains on YTD terms.

Disclosure: CoinDesk is a subsidiary of Digital Currency Group, which has an ownership stake in Ripple.

Prices correct at time of writing, and sourced from CoinMarketCap.com.

Green lasers image via Shutterstock

The leader in blockchain news, CoinDesk is an independent media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. Have breaking news or a story tip to send to our journalists? Contact us at news@coindesk.com.

Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Please conduct your own thorough research before investing in any cryptocurrency.



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