Crypto Markets See Sharp Rebound, but Total Market Cap Still Below $200 Billion

Crypto Markets See Sharp Rebound, but Total Market Cap Still Below $200 Billion

Sunday, September 9: following the bloodbath after this week’s market crash, Bitcoin’s (BTC) price spiked sharply today. Altcoins have mostly followed suit, making markets a mix of red and green, as data from Coin360data shows.

Market visualization from Coin360

Bitcoin (BTC) jumped over 3 percent in under an hour today, proceeding to trade sideways just under the $6,400 mark for several hours, before dropping again in the hour to press time.

At press time, Bitcoin is up about 1 percent on the day to trade at $6,241, according to Cointelegraph’s Bitcoin Price Index.

Since taking a steep price hitWednesday, September 5, Bitcoin been trading between $6,400-$6,500 – around $1,000 lower than its intraweek high at $7,391. Today, the top coin has dipped below the $6,400 mark for the first time since mid-August.

On the week, Bitcoin is now down 13 percent, holding fort with 0.64 percent gain on its monthly chart.

Bitcoin’s 7-day price chart. Source: Cointelegraph's Bitcoin Price Index

Ethereum (ETH) also saw a sudden price spike today, regaining the $200 price point for several hours before slipping back below it. Ethereum dipped under the $200 price point this weekend for the first time since November 2017, and is trading around $194 at press time.

At the start of the month, Ethereum had broken through the $300 threshold, but the altcoin has continued to shed value since its major plummet September 5.

On its weekly chart, Ethereum is down over 34 percent, with monthly losses around 45 percent.

Ethereum’s 7-day price chart. Source: Cointelegraph's Ethereum Price Index

Among the other top ten coins on CoinMarketCap, only three are in the red, and only slightly, with the rest seeing 1 to 6 percent growth on the day. Altcoin Stellar (XLM), ranked 6th by market cap, is down the most and only just, seeing a little over 1 percent losses on the day.

EOS (EOS), ranked 5th, is seeing the most growth among top ten cryptos today, up 5 percent on the day to trade at around $4.95. Today’s growth, however, has simply reclaimed some of the ground EOS lost in a further price dip yesterday, September 8.

EOS’ 7-day price chart from CoinMarketCap