Crypto Bulls Fighting Back? Market Sees Green After Sell-Off

The cryptocurrency market flashed green Wednesday following a major downturn.

AccessTimeIconAug 15, 2018 at 8:26 p.m. UTC
Updated Aug 18, 2021 at 9:38 p.m. UTC

Presented By Icon

Election 2024 coverage presented by

Stand with crypto

The cryptocurrency market is flashing green Wednesday following a major downturn, with the total capitalization rising more than $11 billion on a 24-hour basis.

The signs of a turnaround emerge in the wake of a rough patch for the market, during which it hit its lowest point for 2018, as CoinDesk previously reported.

  • Bitcoin Mining in the U.S. Will Become 'a Lot More Decentralized': Core Scientific CEO
    13:18
    Bitcoin Mining in the U.S. Will Become 'a Lot More Decentralized': Core Scientific CEO
  • Binance to Discontinue Its Nigerian Naira Services After Government Scrutiny
    05:10
    Binance to Discontinue Its Nigerian Naira Services After Government Scrutiny
  • The first video of the year 2024
    04:07
    The first video of the year 2024
  • The last regression video of the year 3.67.0
    40:07
    The last regression video of the year 3.67.0
  • At press time, bitcoin, the world's biggest cryptocurrency by market capitalization, is trading hands at an average of $6,349 – a considerable improvement from yesterday, when the price hit a low of $5,921.65, according to the CoinDesk Bitcoin Price Index (BPI).

    Bitcoin hit a high of $6,612.73 during Wednesday's session, BPI data shows.

    coindesk-bpi-chart-63-2

    A turnaround for the world's second largest cryptocurrency by market capitalization, ether (ETH) is perhaps most notable given the severity of its recent market free fall.

    The price of ETH fell from $407 on August 7th to a low of $257 yesterday – a more than 36 percent week-to-week depreciation, according to CoinDesk's Ether Price Index (EPI). Ether's plummet made it next to impossible for many cryptocurrencies to show positive growth in BTC value.

    Sellers of the cryptocurrency have since taken a breather, allowing for a more than 12 percent relief rally in price to occur (by press-time prices). The EPI is reporting a price of roughly $289 at time of writing.

    The rest of the market immediately followed suit, bringing the total market capitalization at one point back above the $212 billion mark from a more than eight-month low. As of the time of writing, that figure is hovering around $205 billion. 

    All of the top 10 cryptocurrencies by market capitalization are currently reporting 24-hour gains above 4 percent with the exception of stellar lumens. What's more, ETH, XRP, Monero, and EOS are all posting gains of above 8 percent, with ETH leading the pack for price growth in the past 24 hours, according to CoinMarketCap.

    Disclosure: The author holds BTC, AST, REQ, OMG, FUEL, 1st and AMP at the time of writing.

    Image via Shutterstock

    Disclosure

    Please note that our privacy policy, terms of use, cookies, and do not sell my personal information have been updated.

    CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. CoinDesk has adopted a set of principles aimed at ensuring the integrity, editorial independence and freedom from bias of its publications. CoinDesk is part of the Bullish group, which owns and invests in digital asset businesses and digital assets. CoinDesk employees, including journalists, may receive Bullish group equity-based compensation. Bullish was incubated by technology investor Block.one.


    Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.