The crypto-markets have regained some much needed volumes with the total crypto-market capitalization going back to levels above $ 200 Billion and currently at $ 205 Billion. Bitcoin’s (BTC) dominance is still much above half this value and at 53.6%.The King of Crypto is up 4.32% in the last 24 hours and is currently trading at $ 6,383.
With a stable Bitcoin above levels of $ 6,000, comes the resurgence of Alt-coins in the markets that has been led by a pack of 14 coins and tokens showing impressive gains. A better visual of the situation can be found below:
NANO and XVG Lead the pack
Further analyzing the list of 14 coins, we find that a few stand out by showcasing impressive gains. NANO has increased in value by over 25% in 24 hours to current levels of $ 1.11. Verge (XVG) has also increased in value by close to 14% and is currently valued at $ 0.011884. Basic Attention Token (BAT) also stands out with 14.5% in gains in the last 24 hours. It is currently valued at $ 0.19866.
Coin Values Still Too Low
However, these prices are still low when we observe that the total market capitalization stood at $ 255 Billion before the SEC announced they’d be delaying their decision as to whether they will accept the rule change proposed by the CBOE sponsored Bitcoin ETF. Since then, the total crypto market capitalization dropped to its lowest yesterday, August 14th when it was valued momentarily at $ 189.8 Billion. At that moment, the crypto markets had contracted by 25.5% since the SEC’s announcement to delay the ETF.
This then explains why we are seeing some of our favorite coins doing double digit gains as they try to recover to levels witnessed before the SEC announcement that has been described by some as a small ‘Extinction Level Event’.
Ted Rogers, the president of the cryptocurrency infrastructure firm Xapo, was the first to point this out via twitter when he stated the following:
We could be in the midst of the extinction-level event for “cryptoassets” that many maximalists have predicted. 90%+ of
@CoinMarketCap list will disappear eventually – might as well happen now. Meantime, lower BTC price means incredible opportunity to buy more #bitcoin.
Mr. Rogers’ comments might not go down well with a few alt-coin believes given that the crypto-markets have shown to function using different variables as those seen in traditional markets. A drop by 90% in less than a year could be an indicator of an incoming Bull run.
Disclaimer: This article is not meant to give financial advice. Any opinion herein should be taken as is. Please carry out your own research before investing in any of the numerous cryptocurrencies available.
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