It has been a week to forget for the crypto industry, with most of the cryptocurrencies having shed hundreds of millions in market capitalization. The number two cryptocurrency by market capitalization, Ethereum, hit new lows for the year, touching USD $170 yesterday in what has been a week of consistent downward movement. However, the market bounced back today, with Ethereum leading the pack. According to data collected by market indexing site CoinMarketCap, Ethereum rose by over 20 percent to reverse yesterday’s sudden dip and to trade above USD $200 again. The overall market cap gained over USD $14 billion to hit USD $201 billion today, having sunk to USD $186 billion yesterday.
Is The Tide Turning?
Out of the top 20 cryptos by market cap, Tether was the only one in the red having dropped 0.36 percent. Bitcoin appreciated by 2 percent to trade at USD $6,460 at press time, having sunk to USD $6,275 yesterday. Bitcoin Cash, EOS, Monero, TRON and NEM were the other big major gainers at 9, 10, 9, 9 and 6 percent gains respectively.
The standout gainer in the top 100 cryptos was Aurora, the decentralized banking and financial services platform which gained 37 percent to trade at USD $0.02. Social scaling blockchain platform RChain at 25 percent and payment solutions provider Nano at 26 percent were the other two biggest gainers of the day in the top 100. Away from the top 100, eosBLACK was the biggest gainer, skyrocketing 417 percent to trade at USD $0.5. eosBLACK is a platform that supports the development of decentralized applications based on the EOSIO network.
Ethereum has been in the spotlight lately after a rough week saw it hit its lowest price for the year at USD $170. While it has bounced back by over 20 percent to trade at USD $205 at press time, it’s still way below its record high. This month alone, it has depreciated by over 35 percent. Ethereum has especially been the topic of discussion, after its founder Vitalik Buterin stated that he believes the days of 1000-times growth for cryptos are behind us, leading many to call him a crypto skeptic. His fellow co-founder publicly disagreed with him, stating that the industry is only getting started. Other crypto industry leaders also publicly disagreed with Buterin, including Binance founder Changpeng Zhao who took to Twitter to air his views. Buterin has since then clarified his stand, stating that he is a firm believer in the ability of the crypto industry to grow and that his words were misunderstood.
While a lot of attention has been on Ethereum, one crypto that has attracted the interest of many is Dogecoin. The crypto has defied the market conditions to appreciate in what has been one of the worst weeks for cryptos. Between 6th and 11th September, Dogecoin appreciated by 43 percent despite the market shedding close to USD $10 billion in overall market cap. Dogecoin, which is the 20th most valuable crypto, gained 1.5 percent in the last 24 hours and currently trades for USD $0.0065.
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