Cryptocurrency costs rebounded at this time, reversing the value declines seen throughout this week’s broad correction.
This rebound was seen throughout many alternative markets, with greater than 90 of the prime 100 cryptocurrencies seeing greater costs in the final 24 hours, in line with CoinMarketCap.
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