Cryptocurrency costs rebounded at this time, reversing the value declines seen throughout this week’s broad correction.
This broad rally coincided with the market capitalization (market cap) of cryptocurrencies reaching $107.7bn at this time, a roughly 17.5% improve over the prior day’s low of $91.3bn, further CoinMarketCap figures present.
The wider cryptocurrency market noticed a notable correction earlier in the week, with its collective market cap falling by greater than 20% after reaching an all-time excessive of $117.2bn on 12th June. This stood in distinction to the important inflows seen over the previous few months, as the whole cryptocurrency market cap has risen greater than 500% year-to-date as of press time.
The sharp appreciation motivated some analysts to warn that the cryptocurrency market could have entered bubble territory.
Bouncing ball image through Shutterstock; Graph picture through CoinMarketCap