Currently, the cryptocurrency has recovered some of their lost rates during the Sunday decrease, this is so as a result of the positive growth of the prices of both Bitcoin and Ethereum. The reported increase was only limited to the leading cryptocurrencies alone, but it also reached another cryptocurrency, Ripplewhich is now leading the general altcoin markets with a considerable rate.
The series of trading that occurred during the weekend had reduced the value of the cryptocurrency market cap less than $170 billion, but the crypto currencies started to rise back to increase on Monday and are now above an estimated value of $175 billion. This record has once again placed the overall cryptocurrency market cap within the range of $5 billion of the all-time high record it reached the start of September.
The market setback on Sunday caused the price of Bitcoin to fall temporarily below $5,000 which is the first of its kind since the landmark it reached on Friday. Nevertheless, the price of Bitcoin suddenly recovered during the late hours of Sunday, making it increase from $5,508 to $5,731in less than an hour. Though there has since been a slight fluctuation, the price of Bitcoin still continues to stay at the rate of $5,659 which is approximately a total of $94.1 billion market cap.
Familiarly, events in the Bitcoin world have now revolutionized to a popularly called “bitcoin obituaries” which has been met with different critics that claim that it is too hyped and might likely crash in the nearest future. Nevertheless, according to CNN, the boom in the price of Bitcoin is based on a sound report and not ordinary speculations.
In the meantime, Ethereum has deployed Byzantium hard fork earlier this morning which is meant to provide the system with extra security.