Crypto Market Adds Volume Worth $7 Billion: BTC, ETH Due For A Turnaround?

By Rushali Shome

Over the course of the last day, the crypto market has been able to stagger upwards, adding 7 billion dollars to its worth. With that, two of the top three cryptocurrencies of the market, Bitcoin (BTC) and Ethereum (ETH) have also taken small strides towards a revival. The increase in their prices have been just by about 5% but that is also a heartening rise, keeping in mind the poor situation of Bitcoin that we had become so used to seeing this holiday season.

At press time, Bitcoin continues to top the list of cryptocurrencies with a market cap of 74.37 billion dollars and a price point of $4273.41. The rise recorded, according to Coinmarketcap statistics is 6.29 per cent. As for Ethereum, which has been the third largest cryptocurrency in the market for some time now, the rise recorded was by 5.12%.

According to currently available data, the price of Ethereum right now is $119.81 and its market cap is valued at 12.40 billion dollars. Ripple (XRP) continues to retain the second position with a market cap worth 15.08 billion dollars. While Ethereum is trailing closely behind, it has not been able to reclaim its second spot for weeks since Ripple jostled it out of it. Ripple has also seen a rise, but that is just by a narrow margin of 2.98 per cent. Its price now stands at $0.373901.

Perhaps the most encouraging aspect of this news is that Bitcoin has managed to push its way up above the 4000 dollars price range after it had recently dipped, adding to the long and tumultuous Bitcoin price history the crypto market has known so far. The trading volume of the market’s top cryptocurrency has also been holding fort rather well at a day volume of 5.5 billion dollars as of 1st December 2018.

Even as the anniversary of Bitcoin price’s all-time high approaches, experts feel it will be truly out of danger if it manages to stick to a position higher than $4200. We can only hope this is a precursor to a turnaround.

Rushali Shome

Rushali Shome is a history undergraduate with a keen interest in puns, politics and beyond. When not typing away furiously in the “Notes” section of her phone, she can be found trying to catch the eye of servers at restaurants or weddings for a second helping.

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