Analysis

Markets Solidly in the Green As Cryptocurrency Prices Surge

September 13th: many cryptocurrency industry observers have felt that the markets are due for a break after a series of days with a negative market sentiment. It appears that this is exactly what has happened, as most coins are showing impressive gains over the past 24 hours.

It would appear that the clouds have cleared somewhat for all major cryptocurrencies, as they are currently rallying and recuperating some – if not all – of the losses incurred during the past week.

In fact, the latest 24 hours have seen industrywide gains, which have propelled the total cryptocurrency market capitalization back above the symbolically important $200 billion barrier. At the time of writing, the total crypto market cap sits at $200.9 billion.

According to the following market visualization from Coin360, practically all the major coins have seen massive gains in the past day. Some of the coins that have seen particularly impressive gains are Ethereum, Monero, and DASH.

Cryptocurrency market analysis

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This next chart from Coindesk shows how the price of Bitcoin has been rising steadily throughout the day. This shows that the price increases. Currently witnessing are not simply due to some abrupt spike – rather, it showcases an (albeit currently brief) continuous bullish trend.

At the time of writing, the price of Bitcoin sits at $6,504. Meaning that it is inching closer to its week-high of around $6,505. It makes stressed that the markets are always volatile and could change at any given moment. But things are looking a lot more positive today than yesterday.

Ethereum is also looking up, holding a current valuation of $203.25 after rallying for the past 24 hours. The cryptocurrency’s performance during the last day can be seen in the included chart from Coindesk, which shows that it has increased massively.

Ethereum Cryptocurrency Graph source Coindesk

Bitcoin Cryptocurrency Graph source Coindesk

Bitcoin Cash is also seeing some gains, currently holding a price of $456.02, which represents gains of nearly 8% during the past 24 hours. Monero currently valued at $113.92. Which means that the cryptocurrency has increased by a whopping 14.62% during the last day.

In conclusion of today’s cryptocurrency price analysis

Basically, all cryptocurrencies are up today. Litecoin currently having increased by 11.03% to a valuation of $54.44. Stellar having increased by 6.96% to a valuation of $0.209. EOS increasing by 9.39% to $5.30. DASH has increased by 13.05% to $169.78.

It is currently unknown why the markets have reacted so positively during the past 24 hours.

On the one hand, Vitalik Buterin clarified that his comment noting that there is no room left for ”1000x increases”. In cryptocurrency still means that astronomical hundredfold returns are possible. But it is unclear whether this is truly what has driven the recent rise in cryptocurrency prices.

Moreover, our latest price analysis Toshi Times noted that the flurry of positive news covered in that article could have been overshadowed by wider market sentiment.

It could, therefore, be possible that these recent gains are partly the result of previous positive news. Which had yet to make a market impact.

No matter what the specific reason is, all cryptocurrency holders will – in all likelihood – rejoice. To see the total cryptocurrency market cap over $200 billion. Whether this wave of green will extend into the end of the week soon we will see.

Image Source: “Flickr”

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Rasmus Pihl is a writer for Toshi Times by day and an avid follower of the cryptocurrency industry by night. Rasmus holds a Bachelor’s Degree in Marketing from the Gothenburg School of Business, Economics, and Law and runs a Swedish marketing consulting firm. Moreover, when he isn’t writing for Toshi Times, traveling, working or changing the world in some other capacity, Rasmus is more than likely caught up in postgraduate studies.