Crypto Today: Cryptos rebound sharply, market cap increases more than $100 billion

Bitcoin recovers toward $12K.
Ripple adds more than 60%.
Ethereum surpasses the critical $1K.

Eren Sengezer FXStreet

Following the heavy sell-off that lasted for two-days, cryptocurrencies made a strong comeback on Thursday with all the coins in the top 100 in terms of market capitalization recording substantial gains. The BTC/USD pair added more than $2k as it gained over 20% in the last 24-hours while the ETT/USD rose above the $1K mark. The largest daily gains, however, were recorded by Ripple, which rose more than 60% on the day before retracing some of its earnings. As of writing, the XRP/USD pair was trading at $1.72, up nearly 45% on the day according to the latest available data on coinmarketcap.com.

Commenting on today's trading action in the crypto space, "trade volumes were very noisy yesterday as the bulls and bears fought it out and some sort of calm has appeared on the markets after what has been a severe correction," Charles Hayter, CEO of digital currency comparison site CryptoCompare, told CNBC earlier today.

The total market capitalization of all cryptocurrencies, which edged down to $450 billion on Wednesday, increased more than $100 billion and was near $600 billion in the late NA session.

Author

Eren Sengezer

FXStreet

As an economist at heart, Eren Sengezer specializes in the assessment of the short-term and long-term impacts of macroeconomic data, central bank policies and political developments on financial assets.

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